There's a bullish opportunity in Bitcoin. Wave ((ii)) likely finished as a downward zigzag pattern. Besides, the price gained a bullish impulse, which supposed to be the first wave of wave ((iii)). Thus, the last bearish correction is labelled as wave (ii), which ended at the 0.786 retracement level of wave (i). Previously, we BTC price developed a massive rally during wave ((i)) unfolding.
Under these circumstances, the odds are that the market is about to develop wave i of (iii) in the short term. In this case, we should watch the nearest resistance area between the levels of 11937.32 - 12460.54. The subsequent pullback from this target might be a starting point for a local downward correction (wave ii).
The key moment for this scenario is that we should wait for a finished five-wave price movement to consider wave i ended. That's why if the market reaches the resistance area lacking the completed impulsive structure, then we should expect a further advance. In other words, this scenario means that the price might develop an upward five-wave bullish rally from against the ending point of wave (ii).
The nearest critical level for the outlook is the low of wave (ii). Until the price remains above this level, the bullish wave count will be valid. The bottom line is that Bitcoin is getting bullish again, and we're going to see at least a test of the nearest resistance area, which could be just a temporary stop for the upcoming rally.
