FX.co ★ Wave analysis of BTC/USD for December 6, 2021

BTCUSD, H1:

It is assumed that after the completion of a large upward impulse wave (A), a new corrective pattern has begun to form for BTCUSD. A simple zigzag may be forming, which will consist of subwaves [A]-[B]-[C].

The price decline in wave [A] has recently ended. It took the form of a simple five-wave impulse, which is marked with blue subwaves (1)-(2)-(3)-(4)-(5).

Now we see an upward price movement. Most likely, we are at the beginning of an upward corrective wave [B]. Perhaps it will take the form of a simple zigzag (A)-(B)-(C), where (A) is the initial diagonal. A rough outline of possible future movement is shown in the chart.

The entire wave [B] is likely to complete at the level of 58,410. At this price level, the value of wave [B] will be 61.8% of the impulse [A].

In this situation, it is possible to consider opening buy deals from the current level in order to take profit at 58,410.00.

Trading tip: buy from the current level, take profit at 58,410.00.