Bitcoin has been consolidating sideways for a couple days since hitting swing high resistance at $780. IMHO it will likely continue to consolidate thus for another day or two. However, having looked at the chart for the past day or two, I am reasonably confident that the upward trend will resume.
Take a look at an 8-day chart:
However, the daily chart suggests that the long term trend has little stopping it from going higher than that, so I remain cautiously optimistic.
Let’s look at a couple pitchforks on an 8-hour chart:
Here you can see that for the longest time pricetime was bound by the 1.5 extension (not shown), the 1.618 and 1.732 extensions. Will the 2.0 extension be broken? Time will tell, but imho if pricetime hits that line, a buying opportunity will likely present itself.
Remember: The author is a trader who is subject to all manner of error in judegment. Do your own research, and be prepared to take full responsibility for your own trades.
Image from Shutterstock.
Last modified (UTC): December 7, 2016 18:04