Elliott wave Bitcoin analysis  07.07.2022

The BTCUSD continues forming the down motive wave W as a standard zigzag [A]-[B]-[C], with the final impulse wave [C] unfolding inside. The final wave (5) is developing in the [C] impulse. Sub-waves 1-2-3-4 have completed in wave (5), and the final wave 5 is currently developing as an impulse [1]-[2]-[3]-[4]-[5], as outlined in the chart. The price should be moving down to a level of 14600.00, where wave (5) will be 76.4% of impulse (3).

Trading plan for BTCUSD today:

Sell 20395.00,

Take profit: 14600.00.

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