Latest News

BTC/USD on December 24. Bitcoin is approaching the previous maximum

0

The main news from the world of cryptocurrencies:

Regulatory clarity and an influx of institutional capital are needed to continue the growth of the cryptocurrency market, and 2022 “promises to be interesting for the industry.” This opinion was expressed by a partner of The Spartan Group under the nickname SpartanBlack. According to his observations, many holders of cryptocurrencies recorded profits after each strong upward price movement. Therefore, there was no FOMO and parabolic movement of quotes, as in the previous three phases of the bull market. Another notable factor is the increase in institutional capital. According to SpartanBlack, whales have become more disciplined in terms of profit-taking and risk/leverage management. On the other hand, institutions actively entered the market during periods of corrections. In his opinion, 2022 promises to be interesting for the world of cryptocurrencies. Among the potential future risks, he noted: an increase in interest rates (by central banks); an increase in geopolitical tensions; a deterioration in the situation with COVID-19.

We continue to consider Bitcoin from the point of view of Elliott’s theory on an hourly timeframe.

BTCUSD H1:

For the BTCUSD cryptocurrency pair, the internal structure of the downward trend is presented, which hints at a simple zigzag (A)-(B)-(C). In early December, the market completed a decline within the wave (A), which took the form of a five-wave pulse.

From the beginning of December to the present day, we have been observing the construction of a correction wave (B), which has a horizontal structure and, most likely, takes the form of a double-triple (W)-(X)-(Y). Now we are in the active wave (Y), more precisely in its first part – the subwave A. Wave A is like a simple pulse (1)-(2)-(3)-(4)-(5).

It is assumed that the last fifth of the A pulse will be completed at 51945.00. The current wave (W) was completed earlier at this level. An approximate scheme of possible future movement is shown on the graph.

In the current situation, it is possible to consider opening transactions for purchases, to take profit at the end of impulse A.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Benefit from analysts’ recommendations right now

Top up trading account

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade

Happy Holidays From the Alpha Investor Team!

Previous article

Czech crown shows highs

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Latest News