Elliott wave Bitcoin analysis 02.09.2022

The BTCUSD continues forming the standard descending zigzag (A)-(B)-(C), with the first impulse wave (A) completed inside. The bullish correction (B) should be currently unfolding as a double zigzag W-X-Y, as outlined in the chart. The first motive wave W is developing as a zigzag [A]-[B]-[C], with sub-waves [A] and [B] completed inside as an impulse and a zigzag-shaped correction. The price should be rising in sub-waves [C], X and Z to a level of 23034.75 where correction (B) will be 61.8% of impulse (A).

Trading plan for BTCUSD today:

Buy 20172.50,

Take profit: 23034.75.

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