For Traders

Analytical Reviews

Crypto-currencies

01.12.202118:39 Forex Analysis & Reviews: Wave analysis and trading tip on BTC/USD for December 1, 2021

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

BTCUSD, H1:

According to Elliott's theory, a downward simple zigzag (A)-(B)-(C) is being built for the BTCUSD cryptocurrency pair.

For most of November, the price moved in a downward direction within the bearish wave (A), which took the form of a simple five-wave impulse 1-2-3-4-5. At the moment, it looks completely finished. An upward corrective wave (B) is currently in the process of building, which may take the form of a simple zigzag A-B-C.

Impulse wave A and downward minor retracement B are likely to be fully completed. Thus, growth in impulse C can be expected in the near future.

Perhaps the price will rise to the level of 61,215.00, at which the value of wave (B) will be equal to half of the impulse (A). The probability of achieving this ratio is high.

Trading tip: buy from the current level, take profit 61,215.00.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade