FX.co ★ Wave analysis for BTC/USD on June 4, 2021

BTC/USD, H1 time frame:

From the point of view of wave analysis, the global momentum for the BTC/USD cryptocurrency pair is developing in the long term.

It is worth noting that the market completed the development of the bullish corrective wave 2 in early May, consisting of three main sub-waves [A]-[B]-[C]. After that, the price started to decline and the initial part of the third wave was formed. So far, the first part of it – a five-wave impulse [1] can be observed. Apparently, a correction sub-wave [2] is currently under development.

Most likely, wave [2] is a double zigzag (W)-(X)-(Y). The completion of the bundle wave (X) was recently seen, which was followed by the price growth within the current wave (Y).

Judging by the internal structure, the wave (Y) is a double combination of W-X-Y zigzags.

Now, let's focus on the last sub-wave (Y). There is a high possibility that it is a simple zigzag, in which the first two parts, namely, impulse [A] and correction [B], are completed. In this case, we can expect an increase in impulse [C] to the level of 44500.00 in the next few days. From this price level, the value of the entire correction [2] will be 50% of the momentum [1]. It is very probable to reach the specified coefficient.