Bottom line: Bitcoin bullish structure remains intact until prices remain above 3850 levels going forward. A break above 9000 and 10000 resistance would confirm that a meaningful bottom is in place at 3850.
Technical Analysis:
Bitcoin bulls are poised to remain in control as the crypto currency prepares to push above 8000 levels from here. The recent wave counts since 3850 lows on March 13, 2020 might be suggesting that a lower degree Wave 3 might be in progress since 4435 levels. Wave 1 could be labelled at 5990 levels, followed by wave 2 around 4435 levels respectively. A potential Wave 3 might be in progress since 4435 lows and seems to have carved sub waves I, ii and iii around 5569, 5025 and 7100 respectively (lower degree wave counts are not labelled today). If the above counts are correct, Bitcoin might be producing wave iv, which should be followed by a wave v rally towards 8000 levels respectively. Once we have a first impulse in place from 3850 lows, it would be confirmed that a major low is in place and that Bitcoin bulls should continue to print higher highs and higher lows, going forward. Looking at the larger degree wave counts again, the December 2018 low at 3000 was a higher degree Wave ((4)) termination and since then Wave ((5)) has been in progress. Please note that Wave ((5)) should sub divide into 5 waves to complete the entire structure. Going further the sub waves (1) and (2) with in Wave ((5)) seem to be in place at 13800 and 3850 levels respectively. Please note that the rally between 3000 and 13800 was an impulse, followed by a corrective drop towards 3850 as labelled on the chart here. Most traders might be preparing to remain long with protective stop just below 3850 and projected targets above 13800 levels.
Prepared by
Harsh Japee, Technical Analyst.
Bitcoin Chart
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