Elliott wave Bitcoin analysis

18 feb 2022

The BTCUSD is forming the initial part of the third leg in the global corrective trend, unfolding as a zigzag. Sub-waves W-X have completed, and there is unfolding the initial part of the final motive wave Y. There could be developing a bearish impulse (1)-(2)-(3)-(4)-(5). So far, the leading diagonal (1) and correction (2), a zigzag, have completed. The Bitcoin price should be declining in impulse (3) to a level below 36260.00, the low marked by the linking wave [X].

Trading plan for BTCUSD today:
Sell 40718.00, Take profit: 36260.00.