BTC/USD, H1 timeframe:
The formation of a global corrective trend can be seen. We see the second half of a large impulse wave (A) on the hourly timeframe, which is the first wave of this trend.
There is a high possibility that the impulse wave (A) is fully done. Therefore, the price began to build a new bearish wave. The initial part of the bearish correction, or rather its first impulse wave is observed.
At the moment, sub-waves 1 and 2 have been fully completed. The initial part of the third wave is being formed on the last section of the graph. The rate is expected to drop to the level of 57673.35 in the near future, where a small impulse sub-wave [1] of a smaller wave level, consisting of sub-waves (1)-(2)-(3)-(4)-(5), can be completed. Following this, growth may occur in a bullish correction [2], which will be small.
An approximate scheme of possible future movement is indicated on the graph. In the current situation, it is possible to consider opening sales transactions.
Trading recommendations:
It is recommended to sell from the current level and take profit at 53550.00.
