Elliott wave Bitcoin analysis 06.01.2023

It is clear from the BTCUSD price chart that the bearish double zigzag [W]-[X]-[Y] is currently unfolding. Horizontal linking wave [X] took the shape of a double three (W)-(X)-(Y). At the moment, it looks completed. Shortly expect a bearish trend in wave [Y], within which the price will fall to the level of 14700.00. At this level, wave Y will be 61.8% of the previous wave W.

Trading plan for BTCUSD today:

Sell 16804.31,

Take profit: 14700.00.

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