Bitcoin continues to show strength as it is relentlessly advancing through each and every resistance it encounters. I find myself in a quandary. It is becoming increasingly clear that the macro vision I had in the past few weeks, of Bitcoin testing it’s recent lows, and from there beginning a stunning advance to ridiculous new highs, was wrong. I am starting to grasp that it is more likely that the recent lows will not be tested.
The daily chart has broken through the 2nd arc. Barring a stunning reversal before tomorrow morning, the daily chart will give a clear buy signal tomorrow.
Meanwhile, the 4 hour chart has closed above resistance, again. It has even poked it’s head above a novice resistance line drawn from the last 2 swing highs.
There is a 5th arc at ~ $1100 on the 4 hour chart, which could be a stopper, but that resistance is not readily apparent on the daily chart. My reticence to be a short-term bull is starting to feel like I am being victimized by preconceptions not endorsed by recent chart signals.
So, I am looking anew at the charts. As I have stated in the past, 2/19-2/21 is an energy point in time for bitcoin. As I have stated, I had thought a low would be seen in that time frame. Recently, it seemed more likely there would be a top in that time frame. Well, 2/19 is tomorrow. I see little compelling reason to think that a top will be reached tomorrow or the next day on the daily chart. There, the strong resistance is seen ~ $1200. (If $1200 is reached by 2/21, it will likely be a top.)
The weekly chart is showing a warning however:
As you can see, the last advance was stopped by the 2nd arc of the 3rd pair. Pricetime will hit that same arc again at ~ $1074. I suspect price will get through it this time. We will see…
Happy trading!
Remember: The author is a trader who is subject to all manner of error in judgement. Do your own research, and be prepared to take full responsibility for your own trades.
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