Bitcoin seems to have completed its corrective drop that began from $7,870 levels on November 29, 2019. Bitcoin prices have drifted sideways since then and hence the above correction took longer time than expected. However, corrective waves are sometimes tricky and require more patience. Please note that prices have found support at multiple levels viz: Channel Support, Fibonacci 0.786 retracement of the previous rally between $6,525 and $7,870 respectively and the fibonacci 0.382 extension of the corrective wave as highlighted above. Ideally, a bullish move should be expected from around the current lows formed at $6,780, and Bitcoin is likely to move swiftly above $7,200 and $7,600 levels, taking out immediate resistance. Major support remains intact at $6,525 for now and bulls would stay in control as long as Bitcoin trades higher. The upside target remain at least above $13,800 levels for this swing highs, so stay on the long side.
Remain long against $6,500, a target is above $13,800