Elliott wave Bitcoin analysis  02.08.2022

The BTCUSD continues forming the motive wave W s a standard zigzag [A]-[B]-[C], with the final impulse [C] developing inside. Within the [C] impulse, wave 4 of (5) must have completed as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. Therefore, the Bitcoin price should be falling in sub-wave 5 to a level of 17500.00. Sub-wave 5 could complete either as an impulse or as an ending diagonal.

Trading plan for BTCUSD today:

Sell 23320.50,

Take profit: 17500.00.

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