Bottom line:  Bitcoin remains bullish against until prices stay above 3200 lows print in December 2018.

Technical Analysis:

Bitcoin has either carved a larger degree Wave (2) at 6425 on December 18, 2019 or is very close to carving around the 5500-6200 zone. Bulls are expected to remain in control until prices stay above the 3200 lows, print in December 2018; ideally prices should find support around 5500 levels if 6425 breaks. Please note that fibonacci 0.786 retracement is seen around 5500 and a bullish turn there would still keep the structure intact. Looking at the overall wave structure, Bitcoin seems to be unfolding its 5^th wave at a higher degree, since 3200 lows in December 2018. Ideally, prices should unfold into 5 waves and push above 19000 mark which was Wave ((3)) termination. Looking at the structure since December 2018, Bitcoin has rallied between 3200 and 13800 levels in 5 waves, labelled as Wave (1). This has been followed by a corrective drop W-X-Y-X-Z towards 6425 levels, which has been labelled as Wave (2). If the above structure holds well, we could witness a Wave (3) rally unfold from here, subdividing into 5 waves, and pushing prices above the 19000 resistance. Please note that his is just Wave (3) rally that is expected to print above 19000; it should be followed by Wave (4) and (5) respectively to complete a larger degree 5^th wave discussed above. Hence, a high potential trade direction from current levels, is expected to be on the north side, against 5500, with potential targets above 19000. This could reach around the last quarter in 2020 while prices are expected to break above 13800 levels by Q1 2020. Watch out for a break above 8000 levels to confirm that a potential low is in place at 6425 levels.

Prepared by

Harsh Japee, Technical Analyst

Bitcoin Chart

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。