Elliott wave Bitcoin analysis 11.07.2022

The BTCUSD is forming the motive down wave W as a simple zigzag [A]-[B]-[C]. The current chart displays the structure of the final bearish wave [C] unfolding as an impulse (1)-(2)-(3)-(4)-(5), with the final impulse wave (5) developing inside. Correction 4 has completed within wave (5) as a double zigzag [W]-[X]-[Y]. The Bitcoin price should be moving in wave 5 down to the previous low of 17400.00, marked by impulse 3.

Trading plan for BTCUSD today:

Sell 20543.50,

Take profit: 17400.00.

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