Elliott wave Bitcoin analysis 20.01.2022

The Bitcoin market is forming a large down wave W that should begin a double zigzag of a larger degree. The W wave is unfolding as a simple zigzag [A]-[B]-[C], with the bearish impulse wave [C] developing as an impulse (1)-(2)-(3)-(4)-(5) inside. The bearish impulse (3) completed after January 10. Next, corrective wave (4) has started unfolding as a simple zigzag A-B-C, which should finish at a level around the previous high of 44454.55, marked by impulse A. One could enter buy trades in the current situation.

Trading plan for BTCUSD today:

Buy 41918.50, Take profit: 44454.55.

LiteFinance: Short-term forecast for BTCUSD, XRPUSD and ETHUSD 20.01.2022 | LiteFinance

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