Trading idea for bitcoin: local bottom and subsequent growth

Judging by the analysis of the state of the Crypto-currency market on June 24, the local bottom will be reached on June 29.

Technical analysis

Judging by the corrective Fibonacci, the third corrective wave at the bitcoin rate will end at $ 5,070-5,120, after which the five waves of the Elliott post will begin, which can be calculated when the first 2 waves of growth are already drawn.

Fundamental analysis

It is on June 29 that CME futures should be closed, and in general this is a positive signal. The previous close of futures coincided with the end of the first correctional wave in the daytime time frame, after which the course met with close support and rebounded by $ 700 upward.

Trading idea

I advise you to buy back the bottom at $ 5,070-5,200, or from these levels to take long positions. Advance Take Profit: 6800 dollars. Precisely determine the growth waves will be possible only when the levels of the first 2 Elliott growth waves are known. Stop-loss: 4778 dollars.

Previously open shorts I recommend to cover with a ladder, starting from 5400, finishing 5100.

Also advice for traders: at the bottom of the bitcoin course it's also very cool to buy out young altcoyins like eos, tron, iota and others.