FX.co ★ Wave analysis of BTC/USD for November 17, 2021

Analyzing the situation of BTC/USD using the Elliott theory.

BTCUSD, H1:

Most likely, the large impulse wave (A) has already been fully completed. This wave is the beginning of a large bullish simple zigzag (A)-(B)-(C).

Currently, we see a decline in a new downward impulse of a smaller wave level, more precisely in its initial part. Perhaps, two small subwaves 1 and 2 are completed. Now the development of the initial part of the third wave is taking place. Most likely, the construction of a small impulse [1] has come to an end, so in the near future, an increase is expected in correction [2] towards the level of 64,360.55.

Thus, in the current situation, you can make money on a short-term upward movement. That is, it is worth opening buy deals in order to take profit at the end of the correction [2]. After completion of correction [2], a more powerful impulse downward movement is expected within the subwave [3].

Trading recommendations: buy from the current level, take profit 64,360.55.