BitcoinPanjang
#Bitcoin headed for $3950 on strong momentum reversal $BTC
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 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 parallel channel shown in the chart, it will likely make a break for $4400 and eventually $4800 after lengthy consolidation.
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 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 parallel channel shown in the chart, it will likely make a break for $4400 and eventually $4800 after lengthy consolidation.
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