In our last bitcoin analysis column, a couple days ago, we postulated that the choppy, sideways movement would continue a couple more days. As of this writing, that has come to pass. However, it seems to me that an advance will begin soon.
Let’s look at the 8-hour chart:
When/if price closes above the arc pair, another buy signal will be given. I suspect that will happen soon. Take a look at a close-up of that same setup, focusing on the 4th arc pair:
Here is a look at a daily chart:
Aggressive traders might go long here, but I would counsel that more cautious traders wait a little bit longer. Just because it feels a whole lot like an acceleration is imminent, does not necessarily make it so.
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 9, 2016 18:45