Cryptocurrency Analysis

[IFX_Selena]

Wave analysis of BTC/USD on December 14, 2021


Breaking news from the world of cryptocurrencies:

Binance and Coinbase account for 55% of global web traffic to cryptocurrency exchanges. The Binance website attracted 34.4% of visitors, despite the difficulties caused by regulatory pressure and the introduction of mandatory user identification. Binance is followed by Coinbase, attracting 19.7% of visitors. Thus, just two exchanges attract more than half of the world's traffic.

Florida USA will host a number of initiatives for the development of cryptocurrencies and blockchain. Florida Governor Ron DeSantis has invited businesses to pay government duties in digital currency. He also said the state will launch new blockchain technology programs for Medicaid payments and vehicle entitlements, with the participation of the Florida Department of Highway Safety and Motor Vehicle.

BTCUSD, H1:



For the BTCUSD cryptocurrency pair, we are witnessing the formation of a new downward corrective trend, which takes the form of a simple zigzag [A]-[B]-[C]. The first part of this zigzag—impulse wave [A]—is now fully completed. Corrective wave [B] is in the formation stage, which can take the form of a double combination and will consist of three main sub-waves (W)-(X)-(Y).

Most likely, sub-waves (W) and (X) are already completed—double and triple zigzag. If our assumption is correct, then soon, the market will start building a bullish active wave (Y). Its completion is expected near the level of 55,050.00, where correction [B] will be equal to half of impulse [A].

In the current situation, it is possible to consider opening buy deals in order to take profit at the end of correction [B].

Trading recommendations: buy from the current level, take profit 55,050.00.







Roman Onegin
Analytical expert of InstaForex
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