20.01.202218:34 Forex Analysis & Reviews: Wave analysis of BTC/USD on January 20, 2022

The main news from the world of cryptocurrencies:

The Federal Investigation Agency (FIA) of Pakistan intends to apply to the Telecommunications Authority to block sites dealing with cryptocurrencies.

According to FIA Director-General Sanaullah Abbasi, these measures are necessary to prevent fraud and money laundering. He spoke to the media after holding a meeting with officials of the State Bank of Pakistan.


Exchange Rates 20.01.2022 analysis

It is assumed that Bitcoin is forming a downward wave W, which can initiate a major double zigzag. This wave is similar to a simple zigzag [A]-[B]-[C]. A bearish wave [C] is currently under development, which hints at a simple impulse (1)-(2)-(3)-(4)-(5).

After January 10, we saw the end of the bearish impulse (3), followed by the development of a corrective wave (4). This correction is similar to a simple A-B-C zigzag, the end of which is expected around the maximum of 44,454.55, marked by impulse A. In the current situation, it is recommended to consider opening deals for purchases.

Trading recommendations:

Buy 42,213.00

Take profit: 44,454.55.

*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
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
Can't speak right now?
Ask your question in the chat.