Bitcoin is further analyzed on the hourly time frame.
BTCUSD H1:
The main cryptocurrency pair BTC/USD is forming the first half of a downward simple zigzag, consisting of three main sub-waves [A]-[B]-[C]. As of now, only the first part of this zigzag, wave [A], can be seen. This wave is an impulse pattern, which consists of five sub-waves (1)-(2)-(3)-(4)-(5).
After completion of the downward impulse [A], two parts of the upward correction [B] were formed, the initial diagonal (A) and correction (B) in the form of a simple zigzag A-B-C. Accordingly, a rise in the final wave is expected(C) in the near future.
The entire corrective wave [B] can be built to the level of 55050.00. This level is determined by the Fibonacci line tool. At this price level the value of wave [B] will total the 50% impulse wave [A]. The probability of reaching the specified coefficient is high.
Thus, in the near future an upward movement of the market in wave (5) is expected, i.e. it is worth considering opening of buy trades.
Buy: from the current level, take profit 55050.00.