Bitcoin in ending diagonal pattern

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 Bitcoin daily chart


Analysis

From the above chart, prices are well above the bullish head and shoulder pattern. Recently, the crypto has come down to test the neckline of the pattern and there it has formed a falling wedge pattern which has the possibility of giving bullish breakout. 

As per Wave theory, prices are moving in wave ii where it is currently moving in wave c of wave ii in which it is forming ending diagonal pattern. Completion of this pattern will indicate that wave ii is over and wave iii on the higher side has started.

The summation is Bitcoin has a crucial support near to $25500-$25400 levels. Any bounce from these levels will soar price towards $27300 levels. Break above $27500 will then open further positive possibilities.

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