FX.co ★ Wave analysis for BTC/USD on November 29, 2021

BTC/USD, H1 timeframe:

Let's consider the situation of the main cryptocurrency pair in the market using wave analysis.

Looking at the hourly timeframe of the BTC/USD cryptocurrency pair, it shows that the upward impulse wave (A) was completed. After that, the price declined within the corrective wave, which takes a simple zigzag (A)-(B)-(C) form.

For almost the entire month, the price impulsively moved downwards within the bearish wave (A). At the moment, it looks completely finished and consists of five sub-waves of a smaller wave level. Therefore, we can currently see the price growth in the initial part of the upward correction wave (B). Perhaps, it will take the standard zigzag form A-B-C.

The first impulsive sub-wave of a smaller wave level may end near the price level of 60000.00, which was marked by the current wave [Y]. Following a slight adjustment in sub-wave B, growth can be continued to a higher level in sub-wave C, as shown in the graph.

Currently, opening buy deals from the current level can be considered in order to take profit at the level of 60,000.00.

Trading recommendations:

It is suggested to buy from the current level. Take profit can be considered at 60000.00.