Highlights and key points

BTCUSD: the price is declining in impulse wave C, within which subwabes [1]-[2]-[3]-[4]-[5] are unfolding. Expect growth in correction [2] to around 61,406.67 and consider a long position.

ETHUSD: an ascending corrective wave 2 is developing at the moment and may end at 2,648.56. Long positions could be opened in the short term.Elliott Wave analysis for Bitcoin

The BTCUSD appears to be forming a descending impulse wave С, which consists of subwaves [1]-[2]-[3]-[4]-[5]. This impulse began developing after a bullish corrective wave B formed as a zigzag [A]-[B]-[C]. The price already declined in impulse wave [1] not long ago and is likely forming a minor ascending correction [2] at the moment, which may end at around 61,406.67. At this level, correction [2] will be 50% of wave [1] according to Fibonacci ratios. Then, a decline in a new descending part of the impulse, wave [3], may take place.

The ETHUSD is most likely developing a large bearish zigzag [A]-[B]-[C]. Its impulse wave [C] is currently unfolding. This wave includes waves of smaller degree labeled with blue numbers (1)-(2)-(3)-(4)-(5). The ascending zigzag (4) has formed recently, and then the impulse (5) started unfolding. It includes subwaves 1-2-3-4-5. Wave 1 is fully formed, and a slight ascending correction 2 is currently developing. I expect it to end at 2,648.56, reaching 61.8% of wave 1 according to Fibonacci lines. : Buy 2,538.95, Take profit: 2,648.56
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