Bottom line: Bitcoin structure remains bullish for now as it targets to break above 10200/300 levels from here. We can expect a meaningful corrective drop after that.
Technical Analysis:
Bitcoin remains firmly in control of bulls as it resumes a lower degree wave v towards 10200/300 levels to complete the first impulse since 6425 lows. Looking at the short term/lower degree wave structure since 6435 lows, Bitcoin has managed to carve waves I, ii, iii and iv at 7692, 7150, 9188 and 8212 levels respectively. At the moment, it is underway towards 10200/300 levels as wave v progresses. Also note that bulls have almost managed to hit the fibonacci 0.382 around 9580 levels seen here. Those who are still holding aggressive longs initiated earlier can prepare to take profits around the 10200/300 mark and allow a meaningful corrective drop. Ideally a 5 wave rally should be followed by a 3 wave corrective drop. In this case, Bitcoin may retrace up to 7400-8000 levels after completing its first impulse. The drop should be seen as yet another opportunity to initiate long positions against 6425, with potential target above 13800 respectively. Looking at the larger wave structure since December 2018 lows, Bitcoin seems to have terminated a larger degree Wave ((4)) around 3000. If it is correct, the crypto currency is into its 5th wave of similar degree since then. Furthermore, Waves (1) and (2) already terminated at 13800 and 6425 levels respectively. Since 6425, Wave (3) is unfolding and is expected to push much higher above 13800 as it progresses. Please note that the next corrective drop would provide a great opportunity to initiate long positions against 6425, with potential targets above 13800 levels. For now, please prepare to take profits around the 10200/300 mark as Bitcoin bulls prepare to take out resistance.
Prepared by
Harsh Japee, Technical Analyst.
Bitcoin Chart
MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!
Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.
Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.
MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！
免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。
著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。
