Major cryptocurrency news:
The New York Times reported that Facebook's parent company Meta intended to accelerate research in the fields of blockchain and cryptocurrencies from 2022. It is also stated that the company will develop products of non-interchangeable tokens (NFT) and decentralized organizations (DAOs). As for the crypto and blockchain initiatives, Meta has launched its digital wallet Novi so far. Apart from Novi, Meta's experts are also working on their own stablecoin Diem.
We proceed to consider bitcoin in terms of Elliott Wave theory on an hourly time frame.
BTC/USD H1:
On the hourly time frame of the BTC/USD pair, a formation of the middle part of a large downward zigzag is seen. The bearish wave [A] was completed in the form of a five-wave impulse, which was followed by the development of the corrective wave [B].
Correction [B] has a complex internal structure and consists of three sub-waves (W)-(X)-(Y). Evidently, the first two sub-waves (W) and (X) have already been completed, while the last sub-wave (Y) is still forming. The wave (Y) probably forms a simple zigzag with impulse A and correction B being already completed.
Therefore, the growth in the last impulse wave C to 55000.00 is possible in the near future. At this level, the value of the entire wave [B] will be the 50% impulse [A]. There is a high probability of reaching the specified coefficient.
Currently, it is possible to consider opening buy trades to take profit at the end of the correction [B].
Thank you for your attention. Good luck!
