Bottom line:  Bitcoin structure remains bullish for now as it targets to break above 10200/300 levels from here. We can expect a meaningful corrective drop after that.

Technical Analysis:

Bitcoin remains firmly in control of bulls as it resumes a lower degree wave v towards 10200/300 levels to complete the first impulse since 6425 lows. Looking at the short term/lower degree wave structure since 6435 lows, Bitcoin has managed to carve waves I, ii, iii and iv at 7692, 7150, 9188 and 8212 levels respectively. At the moment, it is underway towards 10200/300 levels as wave v progresses. Also note that bulls have almost managed to hit the fibonacci 0.382 around 9580 levels seen here. Those who are still holding aggressive longs initiated earlier can prepare to take profits around the 10200/300 mark and allow a meaningful corrective drop. Ideally a 5 wave rally should be followed by a 3 wave corrective drop. In this case, Bitcoin may retrace up to 7400-8000 levels after completing its first impulse. The drop should be seen as yet another opportunity to initiate long positions against 6425, with potential target above 13800 respectively. Looking at the larger wave structure since December 2018 lows, Bitcoin seems to have terminated a larger degree Wave ((4)) around 3000. If it is correct, the crypto currency is into its 5^th wave of similar degree since then. Furthermore, Waves (1) and (2) already terminated at 13800 and 6425 levels respectively. Since 6425, Wave (3) is unfolding and is expected to push much higher above 13800 as it progresses. Please note that the next corrective drop would provide a great opportunity to initiate long positions against 6425, with potential targets above 13800 levels. For now, please prepare to take profits around the 10200/300 mark as Bitcoin bulls prepare to take out resistance.

Prepared by

Harsh Japee, Technical Analyst.

Bitcoin Chart

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