FX.co ★ Wave analysis of BTC/USD for December 29, 2021

Breaking news from the world of cryptocurrencies:

Against the background of the rise and fall of the cryptocurrency market, Theta (THETA), Kadena (KDA), Voyager (VGX), and Zilliqa (ZIL) became the best in terms of growth. The active growth of altcoins may be a sign that the cryptocurrency is preparing for a significant bullish spurt in the coming days.

Among the listed digital assets, Theta (THETA) has become one of the most popular cryptocurrencies with a huge increase, especially in 2021. As of this writing, THETA was $5.8Z. Next comes Kadena with a staggering $16.5Z price tag. Next to Kadena is the Voyager token, which is traded in the range of $3.50. In fourth place is Zilliqa, which trades at a price of $0.08416.

BTCUSD, H1:

On the 1-hour timeframe of the BTCUSD cryptocurrency pair, the structure of a large simple zigzag is presented. As part of this corrective figure, only the first part is fully completed – the bearish impulse wave [A]. The corrective wave [B], which has a horizontal internal structure, is currently in development.

Most likely, correction [B] will take the form of a double three (W)-(X)-(Y). As of this writing, the subwaves (W)-(X), double and triple zigzags are fully completed. Most likely, we are now at the end of the current wave (Y), which may take the form of a triple zigzag W-X-Y-XX-Z.

Possibly, the downward wave bundle XX has come to an end. Thus, Bitcoin may soon begin to rise in price in wave Z. It is assumed that this wave will be simple in structure and take the form of a simple zigzag [A]-[B]-[C], as shown in the chart.

The end of the corrective wave [B] is expected at the level of 55,000.00. At this level, the magnitude of wave [B] will be 50% of impulse [A].

In the current situation, it is possible to consider opening buy deals.