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Wave analysis and trading tip on BTC/USD for December 1, 2021



According to Elliott's theory, a downward simple zigzag (A)-(B)-(C) is being built for the BTCUSD cryptocurrency pair.

For most of November, the price moved in a downward direction within the bearish wave (A), which took the form of a simple five-wave impulse 1-2-3-4-5. At the moment, it looks completely finished. An upward corrective wave (B) is currently in the process of building, which may take the form of a simple zigzag A-B-C.

Impulse wave A and downward minor retracement B are likely to be fully completed. Thus, growth in impulse C can be expected in the near future.

Perhaps the price will rise to the level of 61,215.00, at which the value of wave (B) will be equal to half of the impulse (A). The probability of achieving this ratio is high.

Trading tip: buy from the current level, take profit 61,215.00.

The material has been provided by InstaForex Company -