Bottom line: Bitcoin bullish structure remains intact until prices stay above the December 18, 2019 lows at 6425.
Technical Analysis:
Bitcoin bulls seem to be firmly in control and are looking poised to push above 9000 levels as immediate short term target; this should be followed by 10350 resistance being taken out. Looking at the lower degree wave counts since 6425 lows print on December 18, 2019; Bitcoin seems to have carved Waves I and ii at 7692 and 6853 levels respectively. At the moment, Wave iii seems to be progressing towards 9000 levels, which is fibonacci 1.618 extension of wave i. Furthermore, one can expect Bitcoin to finally rally through 10350 resistance, to terminate Wave 1, within the 5 wave rally as Wave ((5)) progresses higher. Also note that prices are breaking into the buy zone of the counter trend line, which should be encouraging to bulls, going further. A high probability trade direction from here is expected to be on the north side against 6425, with initial targets as 9000 and 10350 respectively. Looking at the longer term wave structure since sub 3000 lows print on December 16, 2018; Bitcoin seems to have begun its Wave ((5)) rally at a higher degree. The entire structure is expected to sub divide into 5 waves, within which Waves (1) and (2) seem to be in place at 13800 and 6425 levels respectively. At this point in writing, Wave (3) is progressing since 6425 and is expected to push higher above 13800 and subsequently through 19000 levels, going forward. From a long term perspective, Bitcoin remains good to remain long against 6425, with potential upside above 19000 mark at least, as Wave (3) unfolds. Only a break below 6425, would be of concern to the existing bullish setup.
Prepared by
Harsh Japee, Technical Analyst.
Bitcoin Chart
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