In our last column we speculated that bitcoin price was going to $930. It didn’t quite get there. It hit $920 and corrected there. As I have held onto the belief that we are still in a corrective phase to the massive rally to 1150, I was thinking that 920 might be the end of the current rally. But the asset is showing signs that another move higher is on the menu.
2nd arcs occasionally stop market moves, though usually only in minor corrective moves. The 3rd arc is stronger in many cases, and the fact that a .5 Andrews line is there as well, at exactly 1000, makes me think there will likely be a rally to that point in the not-distant future.
Here is a 2-hour chart worth looking at. I don’t normally bother with 2-hour charts in a column which is only published every couple days, but in this case there is a message which is pertinent now.
Next target is $1,000.
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: August 13, 2020 4:43 PM UTC