Elliott Wave analysis for Bitcoin 17.08.2022

Bitcoin continues forming a bullish actionary wave [W]. It is unfolding as a triple zigzag that requires sub-wave (Z) to be fully complete. The sub-wave (Z) appears to be forming as a double zigzag W-X-Y, where the ultimate sub-wave Y is also developing as a double pattern [W]-[X]-[Y]. The sub-wave [Y] is unfolding at the moment and may end as a standard zigzag (A)-(B)-(C) near level 26375.45. The sub-wave (Z) will equal the sub-wave (Y) at that level.

Trading plan for BTCUSD for today:

Buy 23866.00,

Take profit: 26375.45.

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