Elliott wave Bitcoin analysis  16.03.2022  

The BTCUSD market is forming the corrective wave (B) as a double zigzag W-X-Y. The first motive wave W has completed as a simple zigzag. There must be developing the sideways linking wave X as a contracting triangle [A]-[B]-[C]-[D]-[E]. The first two sub-waves of the pattern look complete, and the price is now rising in sub-wave [C] developing as a double zigzag (W)-(X)-(Y). The [C] wave should end at a level of 42767.00. An approximate trajectory of the Bitcoin future price movement is outlined in the chart.

Trading plan for BTCUSD today:

Buy 39086.50.

Take profit: 42767.00.

LiteFinance: Short-term forecast for BTCUSD, XRPUSD and ETHUSD 16.03.2022 | LiteFinance

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