Bitcoin Consolidating before next Move Up


Wheels within wheels” – that’s what Gann called the fractal nature of markets.  That uniquely perplexing feature of market activity such that markets react to support and resistance at multiple time frames simultaneously.

Look at the daily Bitcoin chart we have been looking at for weeks now:1120a1120a

We can see that price broke through the 1st of the 3rd arc pair and is struggling as it is meandering its way toward the 2nd of the pair.  As I have suggested repeatedly here, when/if price closes above the 3rd arc pair, a fun rally will likely commence.

Now lets look at the exact same chart, but with a smaller bull setup beginning at the mid-May low:1120b1120b

As should be clear from the arrows which are highlighting just a few of the places wherein pricetime has respected the setup, this setup, like it’s much larger

Read more ... source: TheBitcoinNews