FX.co ★ Wave analysis for BTC/USD on December 2, 2021

BTC/USD, H1 timeframe:

The formation of a simple bearish zigzag (A)-(B)-(C) continues. Following the completion of the downward impulse wave (A), the price made a reversal and rose in the correction (B). It seems that the correction (B) takes the form of a zigzag A-B-C. Within the framework of this zigzag, waves A and B, impulse [1]-[2]-[3]-[4]-[5], and a correction was built.

We are now in the initial part of the C impulse, which may end around the level of 61215.00. At this level, the correction value (B) will be 50% of the wave (A). Usually, in zigzags, corrective waves have similar proportions with respect to momentum.

In this case, one can consider opening buy deals from the current level in order to take profit at the specified level.

Trading recommendations:

It is recommended to buy from the current level and take profit at 61215.00.