We are slowly in the end zone of the ABC retracement up.
Currently we are undergoing the C wave, within that we have 5 waves.
There is two bearish scenariosus here: While the 3rd wave didnt go above the 1.618 we could think that the 5th wave could be extended to 2.618 (120 USD)
We could also drop here from the 2. to 2.272 extension. due to the RSI making 4 double tops on the 4H, which i would say is the most likely scenario.
note: The red box is the sell area.
Take profit for this short term short would be at 106 USD, if it breaks that we would go to 98,5 USD next.
Currently we are undergoing the C wave, within that we have 5 waves.
There is two bearish scenariosus here: While the 3rd wave didnt go above the 1.618 we could think that the 5th wave could be extended to 2.618 (120 USD)
We could also drop here from the 2. to 2.272 extension. due to the RSI making 4 double tops on the 4H, which i would say is the most likely scenario.
note: The red box is the sell area.
Take profit for this short term short would be at 106 USD, if it breaks that we would go to 98,5 USD next.