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BTC/USD, H1 timeframe:
It shows that the initial part of a new bearish simple zigzag (A)-(B)-(C) is being formed for the BTC/USD cryptocurrency pair. In particular, a downward sub-wave (A) is forming.
It takes the form of a five-wave pulse 1-2-3-4-5. It is possible to notice descending impulse sub-waves 1 and 3, and corrective sub-waves in the form of zigzags 2 and 4.
Currently, we are in the final wave 5, which is expected to end at 54690.00. The price may rise after reaching the specified level as shown in the chart.
In the current situation, one can consider opening sell deals in order to take profit at the end of wave (A).
Trading recommendations:
It is suggested to sell from the current level and take profit at 54690.00.
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