Bitcoin Ends the Week on a Positive Note, as Expected

It’s been a week since we first looked at BTX from a geometric perspective, and determined that the long term trend would likely be up for at least the next few months.  We ended the week ~ \$25 per bitcoin, higher. So far so good.

At this point, I want to look at the chart from a shorter time-frame and begin to get a finer-tuned picture so that we might get a better idea of how we might time our trades. So let’s look at an 8-hour chart.   The rise from May to June was relentless, so we can scarcely avoid using a larger than normal setup.  In this case, almost 89 bars.

The arrows highlight obvious places where the chart indicates that it respects the setup.  The gray arrow marks the end of the 1st square, where price collapsed.  Falling all the way to support at the Gann 8×1 (blue).  After recovering somewhat, bitcoin price moved sideways until it cleared the 1st arc pair (pink), where it rallied again, finding resistance at the Gann 3×1 (red).  Finally, pricetime found the end of

Read more ... source: TheBitcoinNews

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