Elliott wave Bitcoin analysis 12.05.2023

Bitcoin continues to form a bearish correction B, inside which the last sub-wave [C] is unfolding. Wave [C] can take the shape of a simple impulse (1)-(2)-(3)-(4)-(5), as shown in the chart. Soon expect a price drop and development of sub-waves (3)-(4)-(5) to 25300.00. At this level, correction B will be 50% of impulse A.

Trading plan for BTCUSD today:

Sell 26595.77,

Take profit: 25300.00.

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