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
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