$2420 - A Solid Floor for Bitcoin

In my last post, I pointed out the hard overhead resistance we were fighting at $2760. At first, I remained optimistic that we might break through. As time went on, I could see that any move up was exhausted quickly and I knew the probability of moving through was not likely. I ended by stating that we would most likely move sideways for a couple of days OR even break down to the $2400 area. The latter, we did. It was a beautiful move down from a technical perspective and as I stated in my last post, this move down is the healthiest pattern of all. It is a collective deep breath before I believe we continue our long and steep climb further upward. We remain solidly positioned above the $2420 floor, inside our green channel, and in oversold territory. Buy now. Buy quick. Bitcoin is about to rocket to the next level. And now, due to this healthy consolidation, I predict that could be anywhere from $3500 to $4000 (previously I had predicted $3300 without this consolidation). This consolidation allows us the energy to move higher than previously predicted, which is why I am happy to have seen it occur. It is a good sign of things to come.

Happy trading friends.