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BTC/USD on January 18. The emerging correction is half completed, we are waiting for its continuation

The main news from the world of cryptocurrencies:

The founder of Ethereum launched a vote on his Twitter. He asked to choose the most promising cryptocurrency for the next 15 years, except for ETH. More than 470 thousand people have already taken part in this vote. At first, Vitalik offered four options: BTC, SOL, ADA, and USD.

The winner of the first poll at the time of publication was bitcoin – 38% of 410 thousand people voted for it. The second place was taken by the ADA cryptocurrency with 30% of the votes, the third – SOL. In the last place is the American dollar. In the second tweet, Buterin added a survey with four more digital currencies – TRON, CNY, NEO, and BNB. Binance Coin took first place here, followed by TRON and NEO. Yuan also lost the competition.

Last year, Ethereum brought huge profits to holders, but some analysts believe that this cryptocurrency will lose its market share due to scaling problems.

We continue to consider Bitcoin from the point of view of Elliott theory on an hourly timeframe.

BTCUSD H1:

The BTCUSD cryptocurrency pair assumes the construction of a large descending wave W, which takes the form of a simple zigzag (A)-(B)-(C). Perhaps, at the end of December, the corrective movement of the market within wave (B) ended, then the decline began in wave (C), which most likely takes the form of a simple impulse (1)-(2)-(3)-(4)-(5). The first three parts of the potential pulse are completely built, that is, they talk about subwaves (1)-(2)-(3). We are currently in a correction (4) resembling a zigzag A-B-C. The decline in the double zigzag B may have ended, so in the near future, the price may rise in momentum C to the previous maximum – 44454.55. An approximate scheme of possible future movement is shown on the chart.

Trading recommendations: Buy 41640.00, Take profit: 44454.55.

The material has been provided by InstaForex Company – www.instaforex.com

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