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flag ★ Wave analysis of BTC/USD on November 16, 2021

Crypto Analysis:::2021-11-16T12:47:13

Wave analysis of BTC/USD on November 16, 2021

BTC/USD, H1 timeframe:

Wave analysis of BTC/USD on November 16, 2021

Let's continue to analyze the situation in the cryptocurrency market using the Elliott theory.

Considering the markup of the main cryptocurrency pair BTC/USD on the hourly timeframe, it is assumed that the price has completed its growth within the global impulse wave (A), which consists of five sub-waves 1-2-3-4-5. On the current chart, we see only the final part of this large impulse figure.

There is a high probability that the price began to move within a new bearish trend after the end of wave (A) since apparently, the initial part a new impulse can be observed. The sub-waves of the smaller wave levels 1 and 2 were completed. Sub-wave [1], which is part of the third wave, is expected to be done in the near future, and then the price may rise slightly in a small correction to the level of 64360.55.

Currently, one can consider opening buy deals to take profit at the end of the correction [2].

Trading recommendations:

It is suggested to buy from the current level. Take profit will be considered at 64360.55.

Analyst InstaForex
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