It has been several days since we looked at Bitcoin. I expected it would be range-bound for several days, and so it has. But it seems that the Bitcoin arena might get exciting again soon. Both the long-term and the shorter-term setup I have been watching on the daily chart are both approaching their respective resistance arcs. And we are now very close to an energy point in time, so let’s take a look, first at the short-term daily chart:
I have highlighted with blue arrows points at which the setup was able to forecast trading opportunities. Of course, it bears repeating that technical analysis is like counting cards. To the best of my knowledge, one never knows to a certainty what will happen next. However, we can identify those places in time where something is highly likely to happen and bet accordingly. We are approaching such a period.
As you can see, the 4th arc pair has