Elliott wave Bitcoin analysis 03.08.2022

The BTCUSD chart displays the final part of the descending impulse wave [C], with the final wave (5) developing inside. Sub-waves 1-2-3-4 have completed in wave (5). When sub-wave 4 finished as a triple zigzag, the market has turned down and started declining in sub-wave 5. The sub-wave [1] must have completed within wave 5, and correction [2] is currently forming. The Bitcoin price could be rising in correction [2] to a level of 23905.00, where it will retrace impulse [1] by 61.8%.

Trading plan for BTCUSD today:

Buy 23124.00,

Take profit: 23905.00.

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