Bottom line: Bitcoin bullish structure still remains intact as prices hold above 3000 levels for now. It might have completed a complex corrective wave structure at 3850 levels.
Technical Analysis:
Bitcoin bears pulled out a sharp decline from sub 10500 levels, which was expected to be a corrective drop towards 7900/8000 levels. Taking most by surprise, Bitcoin bears managed to break below the 6425 mark and print fresh intraday lows towards 3850 levels before pulling back. It is rightly said that corrective phase is best identified when it is behind us, unlike the impulse waves that are much easily identified and predictable. With what we see on the charts now, the following conclusions can be clearly derived. 1. At a larger degree, Bitcoin is still to produce and complete Wave ((5)) that began from 3000 levels in December 2018. 2. The rally between 3000 and 13800 can be clearly sub divided into 5 waves, making it an impulse, labelled as Wave (1) of ((5)). 3. Any corrective drop since 13800 levels is expected to ideally hold above 3000 levels. 4. The drop since 13800 levels can be defined as a complex combination A-B-C that might have finally terminated around 3850 levels. Please note, we have avoided labeling W-X-Y-X-Z just for simplicity sake. If the above conclusions are correct and Bitcoin holds its ground above 3000 levels, wave (2) pf ((5)) probably is complete. We could witness a Wave (3) rally towards 13800 levels and above and looking at the risk reward ratio offered here, most traders might be willing to initiate fresh long positions with protective stop below 3000 and projected targets above the 13800 levels. Bulls should be able to break above 9000 levels in a flash. Structure still remains constructive for bulls with 3000 in place.
Prepared by
Harsh Japee, Technical Analyst.
Bitcoin Chart
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