Analyzing BTCUSD using the Elliott theory on an hourly timeframe.
For the main cryptocurrency pair BTCUSD, the formation of an upward impulse wave (A) is most likely taking place. In its composition, the first four parts have been fully completed. The last fifth subwave, or rather its final section, is in the development stage.
It is assumed that since the end of October, the construction of the final diagonal 5, which consists of subwaves [1]-[2]-[3]-[4]-[5], takes place. Subwaves [1]-[2]-[3]-[4] look complete. The last fifth part is in the process of formation - subwave [5], which can take the form of a zigzag (A)-(B)-(C).
Within the specified zigzag, subwaves (A)-(B)-(C) are fully completed, impulse (A) and correction (B) are completed. In the near future, the market is expected to grow in the final impulse wave (C) towards the level of 69,800.00.
Thus, in the current situation, it is recommended to consider opening buy deals in order to take profit at the specified level.
The material has been provided by InstaForex Company - www.instaforex.com