We’re long | 09 July 2018

Wave Analysis

During the previous week, bitcoin bounced off from the 4 hour support zone 5911.46-4990.03 and is still pretty much above this zone, as long as the price is contained above this zone, we expect a possible momentum to the upperside. The anticipated bullish price rally is the continuation of an impulsive five wave cycle and should break above the upper trendline. But should not go beyond 12711.45. Should price break above this level, then the price will likely continue upwards. This view can only be invalidated in case the price breaks below 5911.46, if this is the case, then we’ll expect a momentum further to the lowerside.

Trade Recommendation

We’re long

101% Double the volume