Bottom line: Bitcoin bullish structure remains intact until prices stay above the 6500 mark. Even a break lower should find support around 6100 levels.
Technical Analysis:
Bitcoin bulls have managed to hold prices above the 6515 lows print on November 25, 2019 until now and it might be working on a lower degree Wave 2 as discussed last week. The short term wave counts are still indicating that a major low could be in place at 6515 levels and the rally through 7411 levels could be seen at a lower degree impulse Wave 1. This is being retraced at the moment and Wave 2 is expected to terminate around 6800/900 zone, close to the fibonacci 0.618 retracement of recent rally. If the above structure holds well, we should see prices holding the 6515 potential support and Wave 3 rally towards 10500 levels at least. Alternately, a break below the 6515 levels would only delay matters further, and we might witness just another marginal low around the 6100/25 mark; before the above rally resumes. The overall medium to long term wave structure remains intact and constructive for bulls. After the higher degree Wave ((4)) termination seen just around sub 3000 levels on December 15, 2018, Bitcoin bulls have managed to stage an impulse rally through 133880 levels marked as Wave (1). The subsequent drop towards 6515 can be seen as a combination W-X-Y-X-Z, termination as potential Wave (2) of the same degree. We are prepared for yet another marginal low around the 6100 mark for the above Wave (2) termination before Waves (3), (4) and (5) unfold, within the higher degree Wave ((5)). A high probable trade direction from here is expected to be on the north side against 6000 levels for now, with projected targets above 13880 levels, going forward.
Prepared by
Harsh Japee, Technical Analyst
Bitcoin Chart
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