Bottom line:  Bitcoin could be close to completing its corrective drop that had begun from 10500 levels earlier. One more drop towards 7950/8000 levels could complete the structure.

Technical Analysis:

Bitcoin is still into the corrective phase that had begun since 10500 highs earlier. Looking into the corrective structure, Bitcoin seems to be producing a zigzag (5-3-5) and is probable into its last leg. It is expected to drop into a lower degree 5^th wave, towards 7950/8000 and terminate Wave C and subsequently Wave 2 corrective drop. Going back a bit, Bitcoin had earlier produced a 5 wave rally between 6425 and 10500, which is labelled as Wave 1. We were expecting a corrective a-b-c drop and it is unfolding at this point in writing with one wave left to be produced lower. If the above counts are correct, Bitcoin should terminate Wave 2 around 7950/8000 levels and resume higher towards Wave 3 above 13800 levels, going forward. Looking at the larger degree wave counts, Bitcoin had terminated a larger degree Wave ((4)) around 3000 levels in December 2018. Since then, a larger degree Wave ((5)) has been underway, and it has already produced Waves (1) and (2). Wave (1) had rallied into 5 waves between 3000 and 13800 and Wave (2) had produced a corrective drop towards 6425 levels respectively. Since then a Wave (3) rally is underway and is expected to unfold into 5 waves, terminating well above 13800 levels going forward. Please note that Bitcoin has a long way to go higher since Wave (4) and (5) would still remain to complete the entire structure. Most traders might be willing to initiate long positions around 7900/8000 levels, a potential lower degree Wave 2 termination and ride the 3^rd of 3^rd wave rally above 14000 levels easily.

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。