We continue our analysis of the main cryptocurrency using Elliott theory on the hourly timeframe.
BTCUSD H1:
In the last section of the chart for the cryptocurrency pair BTC/USD, the formation of a new bearish zigzag can be seen. As a part of this zigzag, the bearish impulse wave (A) has come to an end. Wave (A) consists of five sub-waves of smaller wave levels 1-2-3-4-5. The final sub-wave 5 took the form of a final diagonal.
Correction wave (B) is now in progress and may be completed near the 62255.00 level. Wave (B) is likely to take the form of a double W-X-Y zigzag. At the level of 62255.00, the value of ascending wave (B) will be 50% of wave (A). The possibility of reaching the indicated coefficient is high.
Thus, based on this information, growth should be expected in the coming days, so it is recommended to consider opening buy trades to take profits at this level.
Trading recommendation: Buy from the current level, take profit 62255.00.
