Beginning of a new Bull market in Bitcoinhello guys, now this is what everyone is waiting from months, that when Bitcoin will enter in next bull market? and i think that now finally we've got our answers. now we could say with 80% probablity that we're now beginning with the next major bull market. as i've told in my previous analysis that 6000-6450 is the major level of resistance we need to break and hold, and bulls successfully broke that level with the extended fifth wave and also protected and succeed to keep pushing prices going higher from last 3 days. from here i think bitcoin gets consolidated till the end of Consensus 2019.
i've said previously that most likely we're currently in wave 4, but this perspective completely changed when we break 6450 barrier, now i see this as the start of a major bull market, and most likely we've just completed the wave 1 of this cycle and wave 2 could have already started.
now going to the second part of this picture, most likely we'll now enter in a corrective wave, which will be a zigzag correction, now the major resistance zone will be the first support level for wave A, which in this case could be between 6000-6450, most likely 6000, after that wave B will not have enough intensity to stop bears and won't last longer, than for the final wave C we have 3 targets, fib5 around 5300, fib618 around 4800 (this one could be the most like bottom for abc corrective wave, or you could say second best opportunity to buy bitcoin, coz normally wave 2 retraces from 50% to 61.8% of wave 1, but it can also go lower than that), and third major support is around 4200 which are also previous highs, somehow if we also break this 4200 level than 3200 is the next target for bitcoin.
although nothing is impossible, so we have to expect best but should be also prepared for the worse, so if somehow wave 2 breaks 3200 level, which has now very low probablity, than this complete analysis will be proven false, and you already know what will happen after that, new lows for Bitcoin.
but hey, don't worry, you must enjoy the trend for now, this whole process of corrective wave 2 could upto 2-3 months, for now i won't recommend you to move in stable coins, this looks great time for alts to recover their prices, most likely in coming days almost every alt could pump upto 50-100%, so only if you just have patience to hold some good coins you can make some decent profits by just doing nothing.
I hope this above analysis will help you and you'll make some good profits with it, for alt signal calls join my telegram channel CoinGuru or follow me on twitter
thanks for reading, this is Husain Zabir signing out.
