22.07.201915:42 Forex Analysis & Reviews: Bitcoin: Local bullish opportunity

There's a bullish opportunity in Bitcoin because of a three-wave price movement, which is supposed to be wave ((ii)). Previously, we saw a huge upward impulse in wave ((i)). That's why we could expect another five-wave rally after the bearish correction.

As you can see on the chart, there's a bullish impulse in wave (i) right after the end of wave ((ii)). This is a key moment for this scenario, because it means that after a correction we're going to have another bullish impulse. It could be wave i of (iii) under the main wave count, but there are some alternative counts as well, so we should be careful.

Wave ((ii)) is relatively small compearing with wave ((i)). We should keep in mind that wave ((ii)) could continue. Thus, when wave i of (iii) arrives, there'll be a critical juncture for the bullish count because a price movement from the local low (ending of wave ((ii)) on the chart) could be a finished zigzag as a part of wave ((ii)).

The bottom line is where the price is going form an upward impulse after wave (ii) ends. Then, we should be extremely careful here because of an option to have more extended wave ((ii)), probably as a double zigzag pattern.