BTC/USD is analyzed on the hourly chart.
BTC/USD, H1:
According to the H1 chart, the downward zigzag pattern is currently forming. The bearish wave A in its structure has already been completed. It has the shape of a five-wave impulse and consists of 5 sub-waves.
So, the last ascending wave indicates a bullish correction (B). It is assumed to be in the shape of a simple zigzag (A-B-C). At this point, an impulse wave (A) and a corrective wave (B) could have been completed. Accordingly, wave C may head upwards soon. It may turn into an impulse wave or have a shape of a finite diagonal.
Wave C could end at around 61215.00. At this level, there will be a 50% correction (B) from the bearish wave (A). There is a high likelihood that this mark will be reached.
Long positions could be opened as soon as a correction (B) ends.
Trading recommendations: a Take-profit order could be set at 61215.00. Long positions could be opened from the current level.
