Bitcoin continues to show strength as it is relentlessly advancing through each and every resistance it encounters. I find myself in a quandary. It is becoming increasingly clear that the macro vision I had in the past few weeks, of Bitcoin testing it’s recent lows, and from there beginning a stunning advance to ridiculous new highs, was wrong. I am starting to grasp that it is more likely that the recent lows will not be tested.
The daily chart has broken through the 2nd arc. Barring a stunning reversal before tomorrow morning, the daily chart will give a clear buy signal tomorrow.
There is a 5th arc at ~ $1100 on the 4 hour chart, which could be a stopper, but that resistance is not readily apparent on the daily chart. My reticence to be a short-term bull is starting to feel like I am being victimized by preconceptions not endorsed by recent chart signals.
The weekly chart is showing a warning however:
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.
Last modified: March 4, 2021 4:54 PM