BTC/USD, H1 timeframe:
Let's analyze the situation of the BTC/USD pair by using the classic Elliott wave analysis.
The current structure of the BTC/USD pair assumes the development of the initial part of a new bearish corrective trend. The development of this trend began after the completion of the bullish impulse wave (A).
As part of a new downward trend, which is assumed to have a standard zigzag form, the first impulse wave (A) is now being formed.
Wave (A) consists of five sub-waves 1-2-3-4-5, where the first four sub-waves are already fully completed. The final sub-wave 5 is currently in the process of construction. It is possible that it will take the form of a finite diagonal, since its fourth wave has gone beyond the end of the first wave.
The BTCUSD rate is expected to continue falling towards the level of 54690.00 in the near future. After reaching this level, a market reversal and the beginning of a bullish movement are possible.
Trading recommendations:
It is recommended to sell from the current level and take profit at 54690.00.
