Let's continue to consider Bitcoin from the viewpoint of the Elliott theory on the hourly timeframe.
BTC/USD, H1 timeframe:
The BTC/USD cryptocurrency pair is supposed to build a downward simple zigzag, which will consist of sub-waves [A]-[B]-[C]. When December started, the first impulse wave [A] was fully completed, which consists of sub-waves (1)-(2)-(3)-(4)-(5).
After the momentum was completed, the price turned around, and the construction of an upward correction [B] was observed. This correction assumes a double zigzag (W)-(X)-(Y). The first sub-wave (W) is finished in the form of a double zigzag W-X-Y. The wave bundle (X) is also finished, which has taken the form of a triple zigzag W-X-Y-XX-Z.
It is assumed that Bitcoin has now begun to build the last active wave (Y), which can also take on a complex triple zigzag structure, as shown in the graph. To complete this construction, the sub-waves Y-XX-Z are needed.
The price of Bitcoin may rise to the level of 55050.00 in the near future. At this level, the magnitude of wave [B] will be 50% of impulse [A]. There is a high probability of achieving the specified ratio.
Trading recommendations:
It is recommended to buy from the current level and take profit at 55050.00.
