As regular readers of this column will realize, we have been discussing the $1020-1030 area for several weeks as a likely place to see a possible trading opportunity on the short side. Well, we are now there. Bitcoin price hit the top of the 5th square on a shorter-term setup on the daily chart.
In the meantime, I closed my long position already. If we get a convincing close above the swing high of $1033 I will re-enter on the long side.
Ethereum is showing signs of life, as is eth/xbt.
Believing there is a “reasonable” possibility that the long correction from the mid-year high might be over, I have plotted a bull setup on this chart:
ETH/XBT has completed a long trek to the bottom of the 5th square on a shorter-term bear setup on the 8-hour chart:
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): January 3, 2017 18:22