Cryptocurrency Analysis

[IFX_Selena]

Wave analysis of BTC/USD on December 13, 2021



The first half of a downward simple zigzag is forming on the hourly timeframe of the BTCUSD pair, which will consist of three main subwaves [A]-[B]-[C]. At the current time, you can see only the first part of this zigzag—wave [A]. This wave is an impulse pattern that consists of five subwaves (1)-(2)-(3)-(4)-(5).

After the completion of the downward impulse [A], two parts of the upward correction [B] were formed—an active wave (W) in the form of a double zigzag and a bundle wave (X) in the form of a triple zigzag W-X-Y-XX-Z.

The entire corrective wave [B] can be built to the level of 55,050.00. This level is determined using the Fibonacci line tool. At the indicated price point, the value of wave [B] will be 50% of the impulsive wave [A]. The probability of achieving the specified ratio is high.

Thus, in the near future, the market is expected to move upward in the current zigzag wave (Y), which means it is worth considering opening deals for purchases.

Buy: from the current level, take profit 55,050.00.







Roman Onegin
Analytical expert of InstaForex
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