Elliott wave Bitcoin analysis

14 feb 2022

The BTCUSD market is forming a descending double zigzag. In late January, the down motive wave W finished. Next, the market completed the bullish linking wave X as a double combination [W]-[X]-[Y]. The market is moving down in the most recent chart section, and there is forming a new bearish wave. There could be developing the initial part of an impulse. The first sub-wave (1) has finished as a leading diagonal. The Bitcoin price should be rising in correction (2) to a level of 44173.00, where wave (2) will retrace wave (1) by 61.8%.

Trading plan for BTCUSD today:
Buy 41924.50, Take profit: 44173.00.