Breaking news from the crypto space:
Venture capital firm Andreessen Horowitz has published crypto regulation guidelines for world leaders. The company called for creating a clear vision for the development of a decentralized digital infrastructure and targeted surveillance regimes for various types of Web 3.0 activities.
It is necessary for world leaders to expand access to the benefits of an innovative economy, unleash the potential of decentralized autonomous organizations, and recognize the role of stablecoins. Fund experts recommend adopting multi-stakeholder regulatory and management approaches, providing clear tax rules for reporting on digital assets, and using technical solutions to comply with the law.
Now, let's continue to consider Bitcoin from the viewpoint of the Elliott theory on the hourly timeframe.
BTC/USD, H1 timeframe:
Correction wave [B] was completed last month, which consists of three main sub-waves (W)-(X)-(Y) and is a double three.
Following the end of the price's sideways movement, a new bearish wave appeared. Its initial part indicates that it may take the form of a 1-2-3-4-5 impulse.
The first two small sub-waves 1 and 2 are the ones that are currently done. Now, the beginning of the third impulse wave is forming, in which the first impulse sub-wave [1] has already been completed. An upward correction [2] is in the process of development.
The correction wave [2] hints at a double zigzag (W)-(X)-(Y), which may be fully completed soon around the level of 43554.26. At this level, the correction value [2] will be 50% along the Fibonacci lines of the impulse [1]. There is a high probability of achieving this coefficient.
At the moment, one can consider opening buy deals in order to take profit at the end of wave [2].
