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Pitchfork must hold for #Bitcoin $BTC not to make new lows
As momentum reverses the trajectory of BTCUSD it is now a possibility that the lows of the Bitcoin bear market are behind us and 2019 may be very similar to the bitcoin price action seen in 2015.
For now, it looks as though Bitcoin will likely be headed a little higher over the next few days. If it makes it above the center of the pitchfork displayed here we may even be headed for a 50% retrace of the recent crash from $6000. The RSI, in this case, may serve as an early warning system if the momentum stalls out. If it does I expect Bitcoin to move into a range as described in previous posts.
At the moment BTCUSD may be good for a scalp as it moves higher to around...
$3750. Following that move I expect it to retreat to around
$3580 before the final move to
$3950.
After multiple failed attempts to close the gap to $3260 Bitcoin has now established a range with strong support around BTCUSD $3450 and strong resistance around $3950. This is very close to the range mentioned in my last post, 50$ higher as a result of the failure to close the gap.
The very strong momentum reversal measured on multiple timeframes indicates that we will not likely pull back much prior to the next move higher. I expect that the consolidation flag currently in the making will break to the upside within the next 24 hours, latest Monday morning in Japan and Korea.
It is significant also that the downtrend pitchfork displayed in previous posts is now likely invalidated.
This move will also likely mean that there will not be a move to lower lows any time in the near future.
I expect Bitcoin to find resistance at $3950, however, if BTCUSD manages to break above the center of the uptrend pitchfork shown in the chart, it will likely make a break for $4500 and eventually $4800 after lengthy consolidation.
For now, it looks as though Bitcoin will likely be headed a little higher over the next few days. If it makes it above the center of the pitchfork displayed here we may even be headed for a 50% retrace of the recent crash from $6000. The RSI, in this case, may serve as an early warning system if the momentum stalls out. If it does I expect Bitcoin to move into a range as described in previous posts.
At the moment BTCUSD may be good for a scalp as it moves higher to around...
$3750. Following that move I expect it to retreat to around
$3580 before the final move to
$3950.
After multiple failed attempts to close the gap to $3260 Bitcoin has now established a range with strong support around BTCUSD $3450 and strong resistance around $3950. This is very close to the range mentioned in my last post, 50$ higher as a result of the failure to close the gap.
The very strong momentum reversal measured on multiple timeframes indicates that we will not likely pull back much prior to the next move higher. I expect that the consolidation flag currently in the making will break to the upside within the next 24 hours, latest Monday morning in Japan and Korea.
It is significant also that the downtrend pitchfork displayed in previous posts is now likely invalidated.
This move will also likely mean that there will not be a move to lower lows any time in the near future.
I expect Bitcoin to find resistance at $3950, however, if BTCUSD manages to break above the center of the uptrend pitchfork shown in the chart, it will likely make a break for $4500 and eventually $4800 after lengthy consolidation.
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