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Breaking news from the world of cryptocurrencies:
Investment banking firm LionTree is considering accepting cryptocurrencies as a means of payment, as well as issuing its own token. This is according to its CEO Aryeh Bourkoff. Bourkoff also named cryptocurrencies as a potential tool for empowering people. According to him, the market capitalization of the cryptocurrency market exceeded $3 trillion in 2021.
Perhaps the rapid growth of the sector is associated with attempts by investors to protect their positions from inflation, as well as to find and ensure greater profitability.
BTCUSD, H1:
For the BTCUSD cryptocurrency pair, a downward correction trend is formed in the long-term period, which takes the form of a simple zigzag [A]-[B]-[C].
In early December, the downward impulse wave [A] was completed, which was formed by the sub-waves of a smaller wave level (1)-(2)-(3)-(4)-(5). Then the market turned around, and market participants saw a corrective growth in wave [B]. There is a possibility that the corrective wave [B] will take the form of a double three (W)-(X)-(Y).
Currently, we see the construction of a prolonged wave of the bond (X), which takes the form of a triple zigzag W-X-Y-XX-Z. To complete this pattern, a Z sub-wave is needed. Its end is possible near the 44,529.58 level, where it will be 76.4% of the previous active wave Y.
Thus, in the current situation, it is possible to consider opening sell deals in order to take profit at the completion of the bundle wave (X).
Trading recommendations: sell from the current level, take profit 44,529.58.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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