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BITCOIN trading within Rising wedge and above support level

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BITCOIN
After the market halve BITCOIN managed to gain back some of the earlier loses and reached towards 124000.00 level and felled towards 98100.00 as a short term correction. We can see that at 12400.00 level series of rejection happened which is halted the bullish rally happened since starting of the march. During the 2020 first quarter it has lost almost 60% of the market value because of the bear about pandemic situation and general lockdown across the GLOBE.

After the FINANCIAL year over investors are leaning towards the safe heaven assets such as GOLD , BITCOIN , SILVER and other crypto currencies. As the GOLD has rallied towards 2070.00 mark BITCOIN also makes some impressive rally

12000.00 Major psychological level will be a testing ground for both the BULL and BEAR. Who will win in the coming days we should wait and watch in-between this we can ride this pair short period of time on either ways.

Increasing the BITCOIN value which are underlying in your asset portfolio is to deposit some value in any of the crypto exchange and wait for sometime. You will ,mostly ended up with big profit You don't need to watch the charts and trade.

The BITCOIN is currently trading within a rising channel in day timeframe breaking on either side will attract some major players and we can expect some big moves. Form my observation BITCOIN is usually rallied on the Weekend as most of the currency traders are free to trade the major Crypto currencies

In Elliot wave principal the major 1-5 waves are completed and the Minor ABC waves are also completed and awaiting for the next 1-5 impulse waves. From 8500.00 to 10000.00 range we can see a minor bullish flag and the price broke the upper side of the flag and went up towards 124000.00

BITCOIN price is well above the 200 Exponential moving average and above .50 and .618 Fibonacci retracement level which is clear sign of bullish trend in day timeframe

In volume profile POINT OF CONTROL is coordinated with .618 Fibonacci level. February-2020 high and May-2020 high 10840.00 is acting as recent support for the Bull

Relative strength index is still below the 50 level and MACD is about to cross over towards downside and the green band is somewhat fading

Don't risk more than 1% of capital. Wait for the good setups and catch the trend

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