Elliott wave Bitcoin analysis

22. Feb. 2022

The BTCUSD market is developing a corrective trend in the shape of a double zigzag W-X-Y. As part of this pattern, sub-waves W and X are fully completed. Most likely, the initial part of the final actionary wave Y is under development now. Perhaps, a bearish impulse (1)-(2)-(3)-(4)-(5) is now being formed. The price is currently falling within impulse (3). It is assumed that the price will fall to the level of 35515.00. This level was previously marked by a bearish correction (B). In the current situation, it is reasonable to enter sales.

Trading plan for BTCUSD today:
Sell 36717.50, Take profit: 35515.00.