FX.co ★ BTC/USD for December 3. Bitcoin builds upward correction

We continue to monitor the BTC/USD pair on the hourly chart.

BTCUSD H1:

As during the previous trading weeks, the BTC/USD pair is forming a simple bearish zigzag (A)-(B)-(C). Once the downward wave (A) was completed the pair reversed, and we could observe an upward correction (B). The correction (B) is likely to form an A-B-C zigzag.

At the time of writing, sub-waves A and B, momentum [1]-[2]-[3]-[4]-[5] and a zigzag [A]-[B]-[C] were formed within this zigzag. The price is trading in the initial part of C momentum. It may rise to 61,215.00. At this level, the value of the correction (B) is 50% of the wave (A). As a rule, correction waves have similar proportions with momentum while performing zigzags, so the pair is highly likely to reach this level.

Taking all the above into account, we may consider opening long positions at the current level to take profit at 61,215.00.

Trading recommendations: buy at the current level, take profit at 61,215.00.