Bottom line: Bitcoin medium term bullish structure intact but short term dips are possible towards 6200 levels before a bullish reversal.
Technical Analysis:
Bitcoin bulls have managed to hold above 6515 levels until this point in writing, and a continued push through the 7200 mark would confirm that bulls are poised to print higher highs and higher lows from here. Looking at the medium to long term wave structure, it remains encouraging for bulls until prices stay above 5300 levels, which is the 0.786 fibonacci support. Ideally prices should stay above that mark to progress Wave (3) higher above the 13800 mark. The rally between December 2018 lows around sub 3000 and 13800 sub divided in 5 waves, marked as Wave (1). This impulse rally has been retraced over 61.8% in a more complex corrective wave, a combination, labelled as W-X-Y-X-Z here. A higher degree Wave (2) either terminated at 6515 on November 25, 2019; or it might print another shallow low around the 6200 mark before terminating. In either case, we should remain prepared for a potential Wave (2) bottom formation around 6200/6500 levels before the rally enters into the most interesting Wave (3). The next leg is expected to sub divide into 5 waves and push through 13800 levels at least. Hence, a high probable wave setup from here is expected to unfold towards the north side against 6100 levels, with potential targets above 13800 levels respectively. Looking at the larger wave structure, Bitcoin seems to have entered into its ((5)) th wave rally since sub 3000 levels and is expected to unfold into 5 waves. Within the above structure, Waves (1) and (2) of one lesser degree seems to be in place and Wave (3) expected to begin any moment. Watch out for a bullish reversal anytime around the 6200/6500 mark.
Prepared by
Harsh Japee, Technical Analyst
Bitcoin Chart
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