Elliott Wave analysis for Bitcoin

21 feb 2022

Bitcoin is supposed to follow a corrective trend developing as a double zigzag. Sub-waves W-X have fully formed. The final part of the ultimate actionary wave Y is currently developing. A bearish impulse (1)-(2)-(3)-(4)-(5) might be unfolding at the moment. A leading diagonal (1) and a zigzag-shaped correction (2) have already been completed. The market is expected to fall shortly in impulse (3) to the low of 36260.00 marked by linking wave [X]. The inner structure of the impulse (3) is outlined with sub-waves 1-2-3-4-5.

Trading plan for BTCUSD for today:
Sell 39281.65, Take profit: 36260.00.