FX.co ★ Wave analysis of BTC/USD on January 19, 2022

The main news from the world of cryptocurrencies:

Social networking site Parler and artist Jon McNaughton will launch a collaborative collection of non-fungible tokens (NFTs) featuring former U.S. President Donald Trump.

The first part contains 10,000 NFTs on the Ethereum blockchain. Each token costs 0.1 ETH (about $330 at the exchange rate at the time of writing). Pre-sales will start on January 20.

In December, former U.S. First Lady Melania Trump launched an NFT platform and unveiled her first digital creation powered by the Solana blockchain.

BTCUSD, H1:

The BTCUSD cryptocurrency pair, according to the Elliott theory, is building the first part of the global double or triple zigzag — wave W.

Wave W most likely takes the form of a simple zigzag [A]-[B]-[C], which is close to its end. At the end of December, the corrective wave [B] was completely completed, followed by an impulsive fall in the rate within wave [C].

Wave [C] is marked by five subwaves (1)-(2)-(3)-(4)-(5), where the first three subwaves have already been completely completed. Correction (4) is currently under development, which looks like a simple A-B-C zigzag.

It is assumed that the market has completed the formation of a downward correction B in the form of a double zigzag [W]-[X]-[Y], so in the near future we can expect growth in impulse C to the level of 44,454.55. This level is the previous high made by wave A.

In the current situation, it is possible to consider opening buy deals in order to take profit at the previous maximum.

Trading recommendations:

Buy: 41,640.00

Take profit: 44,454.55.