Bitcoin vs. The Aussie Dollar Ready To Breakout?

Bitcoin vs. the Australian Dollar is still trading under the key price level which should set things in motion to the upside at 15,151. Breaking this level would be the initial signal that this may have begun wave (iii) to the upside.

Initial upside targets come in at the 21,958 - 23,367 zone with the potential to see a move back over the all-time highs. 

The invalidation or breakdown level of this setup comes with a break back below the 12,001 level.

Michael Golembesky is a senior analyst at ElliottWaveTrader covering US Indices, the US Dollar, and the VIX. He contributes frequently to Avi's Market Alerts service at EWT while also hosting his own VIX Trading service.