21.01.202218:34 Forex Analysis & Reviews: Wave analysis of BTC/USD on January 21, 2022

The main news from the world of cryptocurrencies:

Over the past three months, the price of bitcoin has been gradually declining. The asset moved to a downward movement after it hit an all-time high above $69,000 in early November 2021. Since then, it has fallen in price by 38%. On January 10, the price of the cryptocurrency for the first time since September fell below $40 million. On January 17, the asset is trading at $42,200.

Most forecasts agree that the growth of bitcoin this year will definitely happen, recalled Artem Deev, head of the analytical department at AMarkets. In his opinion, the cryptocurrency is able to recover to $60,000–$68,000 and even reach $100,000. However, no one can say exactly when this will happen.


Exchange Rates 21.01.2022 analysis

The formation of a large active wave W continues on the 1-hour chart of BTCUSD. This wave looks like a simple zigzag [A]-[B]-[C]. The last impulse wave [C], consisting of five sub-waves (1)-(2)-(3)-(4)-(5), is in the process of development.

Most likely, the corrective wave (4) ended earlier than we expected. It has a complex horizontal structure and is a double three W-X-Y. Most likely, now the price is impulsively moving in wave (5) to the level of 37,000.00. It is possible that wave W will be completely completed at this level, after which a new bullish wave will begin to develop.

In the current situation, it is possible to open short positions with a take profit at the level of 37,000.

Trading recommendations:

Sell 38,273.50

Take profit: 37,000.00.

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

Roman Onegin,
Analytical expert of InstaForex
© 2007-2022
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