Bitcoin is bullish against $40000 mark

Written by Financial Educator

December 14, 2021

Bitcoin is drifting sideways again as it tests support just below the $46000 mark. The crypto is seen to be trading around $46300 level at the time of writing as bulls prepare to be back in control. Bottom line remains $40000 mark for bullish scenario to remain intact.

Bitcoin lower degree wave structure since $40000 lows is as follows: The crypto might have carved lower degree wave I and potential ii around $52000 and $47500 levels respectively. If the above proposed structure holds well, prices should stay above $42300 mark as bulls prepare to break above $52000 mark with wave iii in progress.

Bitcoin had earlier dropped through $43200 low before finding support. Also note that the fibonacci 0.618 retracement of the upswing between $28600 and $67000 was seen around $43600-700 zone. Ideally, bulls should remain in control from here on and push prices above the $69000 mark.

The medium term wave structure also suggests that Bitcoin is into its larger degree Wave (5) since $28600 lows. The crypto has managed to carve Waves 1 and 2 around $67000 and $42300 levels respectively. Since then, potential Wave 3 is underway towards $75000 mark at least.

Traders might be willing to hold long positions for now with risk below $40000 mark. Potential target is seen toward $75000 and $125000 respectively in the next few weeks.

The Profinacademy.com Team

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Bitcoin carves potential bottom around $46000

Bitcoin carves potential bottom around $46000

Bitcoin dropped close to $46000 mark on Monday before finding support again. The crypto is seen to be trading around $46500 mark at the time of writing as bulls remain inclined to be back in control.

Financial Educator

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