Bottom line: Bitcoin remains bullish against until prices stay above 3200 lows print in December 2018.
Technical Analysis:
Bitcoin has either carved a larger degree Wave (2) at 6425 on December 18, 2019 or is very close to carving around the 5500-6200 zone. Bulls are expected to remain in control until prices stay above the 3200 lows, print in December 2018; ideally prices should find support around 5500 levels if 6425 breaks. Please note that fibonacci 0.786 retracement is seen around 5500 and a bullish turn there would still keep the structure intact. Looking at the overall wave structure, Bitcoin seems to be unfolding its 5th wave at a higher degree, since 3200 lows in December 2018. Ideally, prices should unfold into 5 waves and push above 19000 mark which was Wave ((3)) termination. Looking at the structure since December 2018, Bitcoin has rallied between 3200 and 13800 levels in 5 waves, labelled as Wave (1). This has been followed by a corrective drop W-X-Y-X-Z towards 6425 levels, which has been labelled as Wave (2). If the above structure holds well, we could witness a Wave (3) rally unfold from here, subdividing into 5 waves, and pushing prices above the 19000 resistance. Please note that his is just Wave (3) rally that is expected to print above 19000; it should be followed by Wave (4) and (5) respectively to complete a larger degree 5th wave discussed above. Hence, a high potential trade direction from current levels, is expected to be on the north side, against 5500, with potential targets above 19000. This could reach around the last quarter in 2020 while prices are expected to break above 13800 levels by Q1 2020. Watch out for a break above 8000 levels to confirm that a potential low is in place at 6425 levels.
Prepared by
Harsh Japee, Technical Analyst
Bitcoin Chart
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