BTC/USD is bullish, but watch out for pullbacks

Gregor Horvat Wavetraders

Hello traders!

BITCOIN made a sharp and impulsive move recently, which also broke decisively above the channel resistance line, that confirms the bullish trend.

Considering that price is breaking out of wave »iv« triangle, which actually suggests the final wave »v« of A/1, then we should also be aware of limited gains and a reversal ahead. Upside can as such be limited ideally around 12k level, at that August 2019 gap which can act as a strong target/resistance area.

That said, keep an eye on a deeper, higher degree wave B/2 corrective decline, once wave A/1 fully develops, that can send the price back to the channel resistance line which can act as a support around 9000 – 7500 area.

We remain bullish as long as price keeps trading above 4220 invalidation level, in case if price starts to trade even deeper and more complex.

BTCUSD, daily

Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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