FX.co ★ Wave analysis and trading recommendation for BTC/USD 11/26/2021

BTCUSD, H1:

In the long term, a bullish trend is expected to develop for the BTCUSD cryptocurrency pair, taking the form of a simple zigzag (A)-(B)-(C). The first impulse wave (A) looks complete so far.

In the last section of the chart, we see the formation of a new bearish zigzag. As part of this zigzag, the bearish impulse wave (A) came to an end. It consists of five subwaves of the smaller wave level 1-2-3-4-5. The final wave 5 took the form of the final diagonal. The upward corrective wave (B) also looks fully completed. It is a double zigzag W-X-Y.

After the completion of the correction (B), the price began to decline rapidly, which may indicate the beginning of the development of the final impulse wave (C). Its completion is expected at the level of 48,950.00. At this price level, it will be 76.4% of impulse (A). The probability of achieving the specified ratio is high.

Thus, in the coming days, the rate may fall in the indicated wave. In the current situation, it is recommended to consider opening sell deals in order to take profit at the specified level.

Trading recommendations: Sell from the current level, take profit 48,950.00.