The Next 48 Hours Could Dictate Bitcoin's Direction For The Year
With just a few weeks left in 2018 bitcoin's next move will set the tone for the rest of the year. You are probably wondering exactly what I mean by that.
Higher Low Or Breakdown
Looking at the chart in this post you see the bounce off the 3,500 area support and then the little pullback over a couple days ago.
In my last post about Bitcoin I mentioned 3,900 or so being an area of some importance on the shorter times frame views, especially the four hour chart.
That was me trying to find an area bitcoin could rally off of in order to put in a higher low on the daily chart. In this scenario we would have the 3,500 bottom and then a higher bottom around 3,900 to make another leg up from.
This is exactly what we are waiting on to find out!
The Next 48 Hours
Whether it is today or tomorrow, we will most likely see a move up away from 4K higher or we will see price breakdown and breach 3,900 to eventually test 3,500 again.
Thus, whichever one we get - that will likely be the direction we see from price to close out the year as both those potential moves take a little time to fully play out before a change in direction can again.
Christmas Gift Please
The thing is, if price does rally here and confirm that higher low then we technically have upside potential to 5,500 as that is the next real consolidation area on the daily chart.
That would make for a nice end of your Christmas present for sure as opposed the the lump of coal that is 3,500 or lower.
Come on Santa Claus rally!
Published by ScaredyCatGuide
on
That chart certainly is one way to get your heart rate up...
Yeah, my EKG is starting to look like the BTC chart ;-)
That's deeply concerning. :P
Nothing is a sure thing as volumes have me really confused as of late... I think the trend is lower until we capitulate for real...
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Yeah I agree. The only positive thing I see is that the 3,500 level is where the crazy bull run started back in Sep 2017. We have done a full round trip and given it all back. So I guess one final push down to flush everyone out would fit right into the psychology of trading after all.
I hope it goes up!
If price can get pass that $4500 level, price should be able to move higher.
Yeah, then I think 5,500 becomes the next upside target.
totally ! waiting game to see what the next general direction. I m still kinda of bearish for downside move. Let see if this possible double bottom can complete.
It would be good to selloff sharp into low 3000 and consolidate bounce,after that maybe santa claus rally might just happen while the market release rumours of SEC CBOE ETF next deadline near ned Dec.
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Yeah, I'm off the same mindset. We shall see!
well slowly it happening, let see if the complete till end dec
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