As long as the price is above 6394.47, look for long positions towards 13000.64. | 12 April 2018

Wave Analysis

Bitcoin is still above the 6394.47 handle but is rallying with a lousy momentum to the upper side. As from the beginning of this year, this crypto has been in a constant downtrend and chances of falling even further are very high, however, as for now, we expect the level 6394.47 to have marked the end of the corrective wave (v) to the lower side, that any clear move to the upper side will be the continuation of an impulsive three wave cycle but should not go beyond the 4 hour resistance level 13000.64. On the 4 hour chart attached, looking for long positions looks more ideal.

Trade Recommendation.

As long as the price is above 6394.47, look for long positions towards 13000.64.