Bottom line: Bitcoin could be close to completing its corrective drop that had begun from 10500 levels earlier. One more drop towards 7950/8000 levels could complete the structure.
Technical Analysis:
Bitcoin is still into the corrective phase that had begun since 10500 highs earlier. Looking into the corrective structure, Bitcoin seems to be producing a zigzag (5-3-5) and is probable into its last leg. It is expected to drop into a lower degree 5th wave, towards 7950/8000 and terminate Wave C and subsequently Wave 2 corrective drop. Going back a bit, Bitcoin had earlier produced a 5 wave rally between 6425 and 10500, which is labelled as Wave 1. We were expecting a corrective a-b-c drop and it is unfolding at this point in writing with one wave left to be produced lower. If the above counts are correct, Bitcoin should terminate Wave 2 around 7950/8000 levels and resume higher towards Wave 3 above 13800 levels, going forward. Looking at the larger degree wave counts, Bitcoin had terminated a larger degree Wave ((4)) around 3000 levels in December 2018. Since then, a larger degree Wave ((5)) has been underway, and it has already produced Waves (1) and (2). Wave (1) had rallied into 5 waves between 3000 and 13800 and Wave (2) had produced a corrective drop towards 6425 levels respectively. Since then a Wave (3) rally is underway and is expected to unfold into 5 waves, terminating well above 13800 levels going forward. Please note that Bitcoin has a long way to go higher since Wave (4) and (5) would still remain to complete the entire structure. Most traders might be willing to initiate long positions around 7900/8000 levels, a potential lower degree Wave 2 termination and ride the 3rd of 3rd wave rally above 14000 levels easily.
Prepared by
Harsh Japee, Technical Analyst.
Bitcoin Chart
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