Resistance found at the 23.6% Fibonacci retracement level which coincides with the center of the parallel channel / pitchfork displayed above. MTF momentum now solidly taking BTCUSD higher.
It is now likely 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 after consolidation. 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.
Look for:
When the daily candle closes we will have a significantly higher volume than the day of the momentum reversal. Bitcoin's higher high on higher volume after significant consolidation tells us that continuation of this move is likely. It also indicates that we will not likely pull back much prior to the next move higher.
It is significant also that the downtrend pitchfork displayed in previous posts is now completely 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.
It is now likely 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 after consolidation. 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.
Look for:
- $3950 will provide resistance. If it breaks through
- $4100 is the next stop.
When the daily candle closes we will have a significantly higher volume than the day of the momentum reversal. Bitcoin's higher high on higher volume after significant consolidation tells us that continuation of this move is likely. It also indicates that we will not likely pull back much prior to the next move higher.
It is significant also that the downtrend pitchfork displayed in previous posts is now completely 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.
