This Bitcoin Consolidation Is A Signal For Big Profit

July 12, 2019

Bitcoin Price Action Is Bullish

The Bitcoin price action of late is bullish. The world's reserve cryptocurrency has been consolidating near recent highs aft break a significant resistance level. The move bears the hallmarks of a triangle/flag-pattern but one of great magnitude. The consolidation has already been underway for three weeks and may go on for trine or more weeks. Resistance is at the lofty Price range of $13,000, funding between $10,000 and $11,000, so we are talking about big Book of Numbers in terms of our targets and projections once the jailbreak outgoing is formed.

Looking at the weekly charts gets me really excited. This graph shows a strong cod that moves up from the $3,000 level all the way to the $12,000/$14,000 level where IT has begun to consolidate. The integration is less seeming at this level simply motionless in that respect, brewing up a nice pocket-size rally for later this yr. The salient point here is that our flag pattern, the one forming on the daily chart, has a droop-pole worth $9,000. On that point is ne'er some guarantee with technical analytic thinking but it is unchallenged practice to project the magnitude of the flagpole from the consolidation to get targets for the break out.

In this case I will project from the $10,000, $11,000, $12,000 and $14,000 levels for safety. This brings targets of $19,000, $20,000, $21,000, and $23,000 which means there is a eminent probability Bitcoin will reach its uncomparable high-altitude and set a new nonpareil.

In the close term traders should expect this consolidation to continue. If it doesn't that's great but that's not a scenario you can bank along. A move sideways with slowly rising support levels is a more likely scenario, the very next move whitethorn be a little bounce risen to retest resistance. I don't bear the $13,000 level to break this time around but it may, if so $14,000 will likely contain prices for a little while at least. I would not trust a bullish break-out unless the cd is strong, closes supra $14,000, so girdle there a daytime or two.

Litecoin is offer up a pleasant entry breaker point. The coin has dead to retest support at the $105 level and support is likely to be strong. Fundamentally, Litecoin has the halvening backing it up. The halvening is in a few weeks and will greatly reduce the available supply. Technically, Litecoin is now at the bottom of the 2d Elliot Wave retracement following a recent high. Well set up to backlash and at least retest the recent high near $140.