In my opinion, Bitcoin is on the edge of a breakout. On multiple timeframes, and on multiple bull setups, pricetime is on the edge of pushing past arc resistance. There is a lot of room to the upside before the next arcs appear. Here is the 8-hour chart:
I have witnessed that on many occasions that in cases like this, when price clawed its way through every resistance, and finally clawed its way through 5th arc resistance, a major bull rally began. Indeed, this was exactly the scenario in both the great bull run of 2013 in Bitcoin, and also in ethereum this spring.
Will it happen again? I can’t say for sure. But I would STRONGLY urge anyone who is short this market to close their positions at once.
Here is a daily chart:
The 5th arc on this chart/setup is in the $1020 area, +/-. However, it depends on how soon pricetime gets there to determine the price at which it meets the arc.
Stay sharp. I think this is going to be fun.
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.
Image from Shutterstock.
Last modified (UTC): December 13, 2016 21:53