Bottom line:  Bitcoin bullish structure remains intact until prices stay above 6425 levels. Bulls might be preparing to stage a rally towards 14200 levels from here.

Technical Analysis:

Bitcoin might have completed its corrective drop as expected close to 7900/8000 levels. It seems to have completed a potential zigzag corrective wave structure since 10500 highs print on February 13, 2020. Looking at the wave structure since 6425 lows in December 2019, Bitcoin seems to have now completed lower degree Waves 1 and 2 at 10500 and 7636 levels respectively. Please note that the rally between 6425 and 10500 was clearly sub divided into 5 waves, labelled as Wave 1; while the subsequent drop has been corrective (3 waves), between 10500 and 7636, labelled as Wave 2. If the above structure and counts are correct, bulls might be preparing for a Wave 3 rally towards 14200 levels at least. Please note that 14200 is Fibonacci 1.618 extension of Wave 1, a typical correlation for Wave 3 to terminate. Also note if Wave 3 is an extension, prices are expected rally much above the 14200 mark, going forward. Traders might be willing to initiate fresh long positions around current price action (7840), with a protective stop at 6425 and projected target beyond the 14000 mark at least, as Wave 3 termination. Please note that immediate resistance is seen at 9000 levels and break above that would confirm that a higher low is already in place at 7636 levels. The overall wave structure indicates that Bitcoin is already progressing with a higher degree Wave ((5)), since Wave ((4)) termination around 3000 levels in December 2018. Furthermore, Wave (1) terminated at 13800, followed by Wave (2) around 6425 levels respectively. Since then Wave (3) is underway and is expected to terminate above 15000 mark easily. Watch out for a bullish reversal ahead.

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。