18.11.2021 12:45 PMBTC/USD, H1 timeframe:
According to Elliott's theory, the formation of a global corrective trend for the BTC/USD pair is seen. The second half of a large impulse wave (A), which is the first wave of this trend, is shown on the hourly timeframe.
It seems that the impulse wave (A) is fully done. Therefore, the price began to build a new bearish wave after its completion. We see the initial part of the bearish correction, or rather its first impulse wave.
To date, sub-waves 1 and 2 have been fully completed. The initial part of the third wave is being formed on the last section of the graph. The exchange rate is expected to decline to the level of 57673.35 in the near future, where a small impulse sub-wave [1] of a smaller wave level, consisting of sub-waves (1)-(2)-(3)-(4)-(5), can be completed. After that, it is expected to grow in a bullish correction [2], which will not be big.
In the current situation, opening sell deals can be considered.
Trading recommendations:
It is suggested to sell from the current level. Take profit is noted at 57673.35.
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