Elliott wave Bitcoin analysis 19.12.2022

The BTCUSD market has completed the construction of the corrective wave B as a double three [W]-[X]-[Y]. The last section of the chart shows a downward price movement. The market began to build an impulse wave C, consisting of sub-waves [1]-[2]-[3]-[4]-[5]. In the near future, expect the formation of the final leg of the impulse [3]. Then, after a slight rise in the correction [4], the price will continue to decline in the sub-wave [5] towards the level of 14700.00. At this level, impulse C will be 61.8% of wave A.

Trading plan for BTCUSD today:

Sell 16711.06,

Take profit: 14700.00.

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