Bitcoin continues to advance like a rising river which slowly but surely overcomes each obstacle in it’s path. Indeed, while it is surprising that the advance has not yet taken on a greed-fueled vertical ascent, the tepid and fearful, but relentless, advance has served it well. Advances can continue longer when they assume a more measured climb.
As these words are being typed, the asset has stumbled after hitting a 5th arc on a 4-hour chart. That is not surprising. The surprise will be when/if the 5th arc folds before continued buying pressure, like so many resistance points before it, over the past few weeks. Usually, I view 5th arcs as points to “expect” a reversal. But somehow, I feel it more likely that the arc will yield over the next several hours. Time will tell.
Still however, it is an axiom of this business that corrections must come sooner or later, even if they are just small ones. The age-old question looms: “When and where will the next (relatively) significant one occur?”
Obviously I can’t say for a certainty where or when. But I can see where the “sweet spots” on the charts are – points to watch. And there is a point that stands out as place to watch carefully.
There are 3 points that intersect on the chart above. The top of the 5th square, a 0.5 pitchfork line, and an energetic point in time on the 26th. I realize that the term “energetic point in time” sounds ridiculous to those not steeped in the esoteric. But they exist, for whatever the reason. WD Gann made millions in a time when a good house sold for $5000, utilizing esoterica far more bizarre than that.
The 3 points meet on 2/26, at a price ~ $1215. While I don’t think that this will mark a long-term top, it is a likely a good place to take profits, and wait to see what happens next, if pricetime gets to that place. We will see…
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.
Featured image from Shutterstock.
Last modified (UTC): February 23, 2017 19:11