EW ANALYSIS BTCUSD: BITCOIN CAN BE TURNING BULLISH

Hello Crypto lovers!

BTCUSD turned sharply and impulsively up away from around 3100 level with five waves into wave A/1. We have actually expected a reversal around 3000 area, but we wanted to be sure. So, five waves up suggest a bullish reversal, but in EW theory, after every five waves, a three-wave pullback follows, which may occur in January of 2019. That said, be aware of a deeper a-b-c decline into a wave B/2 before a bullish continuation for wave C/3. An ideal support would be between 3800-3500 area, where we may see even a potential inverted H&S pattern.
If from any reason drops back below 3100 invalidation area, then bulls would be dead.

Trade well!

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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UPDATE: As expected, we have seen a nice a-b-c corrective decline back to ideal 61,8% Fibo. retracement and 3500 support level, from where BTC sharply bounced, which means that we have just got a perfect bullish setup. In our opinion, this could be the first evidence of a bullish continuation, so we can expect more upside within wave C/3 towards 4500-5000 or maybe even higher.

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UPDATE: Bitcoin sharply declined, but don't fall in love with the bears just yet, because we see it as part of the final leg "c" of a three-wave a-b-c correction in wave B/2. That said, be aware of a potential bounce, ideally around 61,8% Fibonacci retracement and 3500-3300 support area. As long as price keeps trading above 3120 invalidation area, BTCUSD may turn back to bullish mode into a wave C/3.

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UPDATE: Bitcoin came in the projected support area and bounced, so seems like bulls could be back in game! But, to confirm a completed correction and a bullish reversal, we need a strong rise back above 4000 region that can send price even higher towards 5k-6k. Invalidation level remains at 3100!

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UPDATE: No big changes on BTC, despite that intra-day small break into new lows, BTC is still nicely trading around projected support area. We have just adjusted the labelings, where we see now a double zig-zag corrective pattern, but the main view remains the same! More upside in view while above December 2018 lows!

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UPDATE: Bitcoin went slightly lower, but still looks corrective with ideal support here around 78,6% Fibonacci retracement! Could be finishing ending diagonal in wave "c", also some important Fibo. date range! Watch out for a bullish turn while it's above December 2018 lows!

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UPDATE: Here we go! Patience finally paid off! After a completed three-wave a-b-c correction in wave B/2, Bitcoin is finally on the way up for wave C/3 towards new highs, which we expect to be completed within five subwaves.