Bottom line: Bitcoin bullish momentum is set to accelerate as bulls remain poised to take out 10350 resistances. The bullish structure remains intact until prices stay above 6425 going forward.
Technical Analysis:
Bitcoin bulls remain firmly in control as they carve yet another higher low around 8480 levels. Looking at the short term wave counts since 6425 lows, Bitcoin has carved out lower degree waves I, ii, iii and iv at 7692, 6853, 9188 and 8480 respectively. If these counts are correct, wave v should be underway towards 10200/300, staying above 7700. This would complete Wave 1, within the expected 5 wave rally of Wave (3). The long term bullish wave structure remains intact as a higher degree Wave ((5)) is in progress since December 2018 lows at 3122. Digging further into the sub waves, Bitcoin has completed Waves (1) and (2) at 13800 and 6425 respectively. Since then, Wave (3) seems to be in progress and is expected to terminate above 13800 going forward. Please note that the bull run doesn’t end here, as Wave (4) and (5) would push higher to terminate the larger degree Wave ((5)) discussed above. A simple trading strategy is to buy on dips, against 6425 lows, with potential targets above 13800 at least. For the immediate short term, it would be good to buy now (8700), with a stop around 7700 and target 10300. Conservative traders might want to remain flat and allow 10350 to be taken out, and then look to buy on corrective drops. After breaking above 10350, we can expect a meaningful corrective drop that unfolds into 3 waves as a flat or zigzag. Please note that it would be safe to buy the 3rd of (3) rd wave against 6425 lows, with a clear target above 13800 levels.
Prepared by
Harsh Japee, Technical Analyst.
Bitcoin Chart
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