BITCOIN'S $10K TARGET STILL INTACT AFTER A BULLISH CORRECTION
In my previous post, i did talk of a wave 4 (flat) consolidation before price hit our final wave 5 target of 10000.......
The bullish bounce from the trendline support of the rising wedge formation @ 8000 shows that the bulls are still in control, and the 1100 dump witnessed yesterday may just be a liquidation hunt to squeeze out longs.
The 20 day MA has been giving us a nice amount of support since feb 8 2019, and the bounce we got from this MA yesterday which gave us our wave D count within the rising wedge formation is a confirmation that the bullish structure of this parabola is still intact until otherwise broken.
With the bulls presently battling with the $8400 horizontal resistance, a break and a close of the daily candle above this resistance level should lead price straight to the upper trendlince resistance of the wedge at 9500 and possibly the 10000 horizontal resistance to complete the wave count before the much expected correction IMO.
With the multiple bearish factors both on the weekly, daily and hourly time frame, coupled with the fact that the month of June has always been a bearish period in the history of Bitcoin's price behavious, i do expect to see a major correction from the 9500-10000 area by June/July.
I will be looking out for a reversal to the 6800 support level, down to the 6000 psychological support level at the 0.618 fib retracement level from the Dec lows of 3100 IMO.
Finaly, watchout for the number of shorts opening at this price levels (9500-10000) as this may pump the market in opposite direction.... all the way to 11800 IMO
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