Bitcoin: When Will the Consolidation End?

BTCUSD 2-6-2016

BTCUSD 2-6-2016


Bitcoin continues to consolidate bearishly on the Daily despite the pop today. Now price is setting up to find resistance at the Daily at 408.75 which is close to the Weekly Resistance. The timing for this hit should be on or around the middle of February.

Ultimately the story remains the same on the Weekly with timing setting up to take price slowly bearish down to the Weekly support at 333. Price should reach this on or before mid March. This will be a strong support to both the Weekly and the Monthly and will determine Bitcoin’s fate for the remainder of the year.

If Bitcoin can hold the support in March price will have the opportunity and timing to go bullish, retest the $500, and at that point should have momentum free to break it. To the moon! ┗(°0°)┛ 

However, if Bitcoin breaks the 333 support before mid March the charts will be setup Bearish. At that point I would be looking to Short Bitcoin to prior lows or continue long term shorts of LTC to my long term target in that of $0.00

About the Author Maneshkumar Patel