Elliott wave Bitcoin analysis

27 dic 2021

The hourly BTCUSD chart shows the development of the middle part of a large descending zigzag. The bearish wave [A] was completed in the form of a five-wave impulse, followed by the development of the corrective wave [B]. This correction has a complex internal structure and consists of three sub-waves (W)-(X)-(Y). The first two sub-waves (W) and (X) are already fully completed, while the last sub-wave (Y) is still forming. Wave (Y) seems to be developing as a simple zigzag, where impulse A and correction B are completed. Thus, growth in the last impulse wave C to the level of 55000.00 is possible in the near future. The wave [B] will be 50% of the impulse [A] at the level indicated above.

Trading plan for BTCUSD today:
Buy 50829.00, TP 55000.00