Bitcoin continuing to consolidate
It's been a while since I've given any kind of an update on Bitcoin so here we go. There are some institutional indicators that are saying the consolidation is complete (I'm not talking about the lame news reporters that are screaming to buy crypto assets - I'm talking about the methods and techniques that uses to sit in a position).
There are very important levels to watch that would indicate more downside in the future. Those levels are (based on a 4h close):
As each of those levels get penetrated, the likelihood of the next one hitting gets larger. My target remains at $13,100 however this correction that we've been in for the last week or so does indicate we could be going slightly higher. I posted a video on Friday that discusses this in a little more detail.
I would love for us to reclaim $11,500 before I start to get to $13,100. I've outlined where I think we may go after we do push up. It would not surprise me one bit to get rejected there and pull back to where we are now, or lower. After that retrace, we need to watch the price action for a response. It is only then we may see a push up to $18,100.
All of this is tentative on keeping the momentum and staying above $11,000 - $11,200 for the next 4-5 months. Plenty of time to evaluate and get in a trade.
Trade safely friends! If you have any questions, please ask!
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