Top cryptocurrency news:
Experts attribute the impact of US unemployment data on bitcoin and stock prices to the fact that US wage data failed to meet forecasts by a rather large margin. However, the situation improved shortly afterwards. Stocks have climbed into positive territory and BTC was almost unchanged.
According to the Bureau of Labour Statistics, 199,000 jobs were created in the US last month. The data fell far short of economists' expectations. Although the rate of job gains was disappointing, the US unemployment rate continued to fall, dropping by 0.3 percentage points to 3.9% in December.
Let's continue considering Bitcoin in terms of Elliott theory on an hourly timeframe.
BTCUSD H1:
As for the BTC/USD cryptocurrency pair, a corrective wave [B] was completed. It was followed by a drop in the value of quotes and development of a new downtrend wave.
Most likely, the initial part of wave [C], which hints at momentum, is forming. We can see that sub-waves 1 and 2, momentum and a zigzag correction have been completed. The initial part of sub-wave 3, which is expected to be more powerful, is now being formed. A sub-wave [1] in the form of a momentum (1)-(2)-(3)-(4)-(5) may have been completed. An upward correction [2] is now in progress.
It is possible that this correction will end up a little higher than we have suggested in previous reviews. That means Bitcoin's value will also increase. Most likely, wave [2] will complete its double zigzag pattern (W)-(X)-(Y) near the level of 45566.00. At this level, the value of wave [2] will be 76.4% Fibonacci lines from momentum [1].
In the current situation, it is possible to open buy positions.