Bitcoin, Bulls Taking Control

BITFINEX:BTCUSD   Bitcoin / Dollar
It looks like Bitcoin is preparing for a large impulsive wave up. This is either going to be Wave C or Wave 3, depending on how the market reacts towards the end of this wave. The bigger picture appears to be either a Complex correction or a Flat, which we are in the final wave of. (y or c respectively)

On this chart, you can see that we have a nice impulsive Wave (1) followed by an ABC Wave (2) which is most likely an Elongated Flat. Since Wave (2) retraced over 38.2% of Wave (1) and we have this nice Harmonic Bat, it appears that we have bottomed out here and are beginning our ascent to new heights possibly ending around 285, maybe higher.

The bullish divergences confirm that the bears are running out of momentum. Especially on the higher timeframes (see. 3D AO), there are huge bullish divergences that need to be unwound. In-fact, they are so big that there is a small chance that this could be the very bottom for bitcoin , meaning we won't see any new lows below 150 or even 213. That hypothesis, however, is unconfirmed until the wave we are currently looking at finishes playing out. Either way though, its a really good idea to be long here so long as bulls can hold 213. If 226 and 213 fail it will warrant new analysis.

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