FX.co ★ BTC/USD for December 23. Impulse structure indicates bitcoin's rise

Major cryptocurrency news:

The developers of the Polkadot project announced the successful launch of parachains. Currently, the network is divided into five parallel chains. Five parachains: Acala, Astar, Clover, Moonbeam and Parallel Finance were selected through auctions.

Parachains in Polkadot are parallel chains that can interact with each other and with external networks. Each parachain is designed for a specific use case. For example, the Acala Network is used for decentralized finance.

Let's continue to view bitcoin using Elliott Wave theory on an hourly time frame.

BTC/USD H1:

On the BTC/USD pair, a corrective wave [B] is being formed. It takes the form of a double zigzag (W)-(X)-(Y). The correction wave [B] is a part of a large descending simple zigzag [A]-[B]-[C].

Apparently, on December 20, the descending wave bunch (X) was completed, forming a triple zigzag W-X-Y-XX-Z. Then the price impulse movement began. Wave A is most likely being built. It will initiate wave (Y). Wave A is marked with five green sub-waves [1]-[2]-[3]-[4]-[5]. Its end is possible at the level of 51945.00.

Earlier, current wave (W) indicated this level. The chart shows an approximate scheme of possible future movement by trend lines.

Therefore, a further formation of a bullish impulse to the previous high is likely in the near future, it is possible to consider opening buy trades.