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BTC/USD, H1 timeframe:
According to Elliott's theory, the first half of a descending simple zigzag is formed for the main currency pair BTC/USD. Only the first part of this zigzag – wave [A] can be currently noticed. This wave is an impulse pattern that consists of five sub-waves (1)-(2)-(3)-(4)-(5).
Following the end of the downward impulse [A], two parts of the upward correction [B] were formed – the initial diagonal (A) and the correction (B). Accordingly, growth in the final wave (C) should be expected in the near future. It can take the form of an impulse or a finite diagonal.
The entire correction wave [B] can be built to the level of 58410.00. This level is determined using the Fibonacci line tool. At the specified price point, the magnitude of the wave [B] will be 50% of the impulse wave [A]. There is a high probability of achieving this coefficient.
Therefore, an upward movement of the market is expected in the near future, which means it is worth considering opening buy deals.
Trading recommendation:
It is recommended to buy from the current level and take profit at 58410.00.
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