Bottom line: Bitcoin bullish structure remains intact until prices stay above 6425. Furthermore, a lower degree wave iii hits potential targets around 9000 levels.
Technical Analysis:
Bitcoin remain in firmly in control of bulls since 6425 lows on December 18, 2019 earlier. Immediate wave structure reveals that lower degree waves I, ii and iii and in place already at 7692, 6853 and sub 9000 levels respectively. If the above counts hold well, a wave iv corrective drop should be due any moment. This should be followed by yet another high towards 10000/400 levels, as wave v progresses. Looking at the larger picture since 3122 lows in December 2018, Bitcoin has managed to complete larger degree Wave (1) and (2) at 13800 and 6425 levels respectively. Wave (1) had unfolded into 5 waves, followed by a potential W-X-Y-X-Z corrective drop as Wave (2). If the above structure holds well, we should witness a Wave (3) rally that pushes above 13800 going forward. Ideally it should travel a distance that is 1.6 times the distance of Wave (1), which comes to 22000 approximately. Also note that Bitcoin has broken above the counter trend line resistance, and prices are comfortably trading into the Buy Zone. It is recommended to hold earlier long positions against 6425 and also look to add further on dips with potential targets to 22000 at least. Please also note that Wave (3) typically is the largest and quickest among the impulse waves; with high probabilities of an extension. Hence it is always a good strategy to ride Wave (3) rally in this case, leading towards 22000 levels at least. The expected time duration could be next 12 to 15 months, similar to the time taken by Wave (1) and (2) combined. Remain long and buy further on dips against 6425 levels.
Prepared by
Harsh Japee, Technical Analyst.
Bitcoin Chart
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