01.03.2024 02:19 PM
BTC/USD wave analysis on March 1: Bullish cycle in full swing

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Bitcoin has been rising for the third consecutive day, reaching a November 2021 peak of 64,000 today. There is a high probability that bulls continue to push the market towards record highs of 68,604.75 and beyond.

As for wave analysis, a significant bullish wave in the form of an impulse is likely forming. Subwaves [1]-[2] are completed. The process of constructing the third wave may be underway, and it is expected to be sharper and more active.

Within the potential third wave, subwave (1) is currently being formed. In its composition, completed subwaves 1-2-3-4 can be observed. In the near future, we can anticipate growth in subwave 5, reaching approximately 68,604.75.

After reaching the specified level, a minor correction (2) is possible, as indicated on the chart.

In the current situation, it is advisable to consider opening long positions.

Trading recommendations: Buy at 62,079.25, take profit at 68,604.75.

Roman Onegin,
Analytical expert of InstaForex
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