FX.co ★ Wave analysis of BTC/USD on December 7, 2021

BTCUSD, H1:

The BTCUSD cryptocurrency pair is most likely building a bearish corrective wave, which takes the form of a simple zigzag. Within the framework of the new potential zigzag, the first part, subwave [A], has been fully completed. Wave [A] is a five-wave impulse marked by subwaves (1)-(2)-(3)-(4)-(5).

In the last section of the chart, we see the price rise in a corrective wave, which can take the form of a simple zigzag (A)-(B)-(C). Apparently, the development of the subwave (A) has come to an end, it has taken the form of an initial diagonal. In the near future, the market may experience a slight retracement in correction (B), then the rise in prices may continue in the final wave (C), as shown in the chart.

The entire correction [B] can make up 61.8% of the impulse [A] (a common coefficient in zigzags). Thus, its end is expected at the level of 58,410.00.

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