Elliott Wave analysis for Bitcoin  16.08.2022

The BTCUSD market forms the initial part of the correction trend as a double zigzag [W]-[X]-[Y]. Its first part, an ascending actionary wave [W], is developing. It has a complex internal structure. This wave will soon be completed as a triple zigzag (W)-(X)-(Y)-(X)-(Z). Now a sub-wave (Z) is developing. Its structure is similar to the W-X-Y double zigzag. The final sub-wave Y may end as a double zigzag [W]-[X]-[Y] of a smaller wave degree around the level 26375.45. At this level, wave (Y) will equal the size of wave (Z).

Trading plan for BTCUSD for today:

Buy 24006.00,

Take profit: 26375.45.

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