BTC/USD, H1 timeframe:
The development of a bearish zigzag can be observed in the last section of the chart. According to the rules, a simple zigzag consists of three sub-waves. The first sub-wave (A) currently looks fully done.
Wave (A) has the shape of an impulse and consists of five sub-waves of a smaller wave level 1-2-3-4-5. The final sub-wave 5 took the form of a finite diagonal.
At the moment, the price has reversed and is ready to move upward within the corrective wave (B). This correction may end around the level of 62255.00. The level was determined using the Fibonacci lines tool. At this price point, the correction size (B) will be 50% of the momentum (A). This is a common coefficient in zigzags.
Based on the current situation in the market, where growth is expected in the coming days, it is worth considering opening purchase transactions in order to take profit at the specified level.
Trading recommendations:
It is recommended to buy from the current level and take profit at 62255.00.
