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Bitcoin Price Advances, Tiring Legs Overdue

Last Updated March 4, 2021 4:54 PM
Jim Fredrickson
Last Updated March 4, 2021 4:54 PM

The bitcoin price advance of the past few weeks has been as relentless as it has been vexing. I must confess I have been stymied and surprised by the inexorable strength of this advance off the 750 low.

However, all advances must end sooner or later.  This begs the question:  when?

Here is the daily chart (kraken):Even a novice Elliott Wave reader can see that there were (2) 5 waves completed at the 1080 high.  That was also the place where the 2nd arc of the 4th pair stopped the rally.  Well, it turns out that as of this very moment, pricetime has again met the very same arc that stopped the last rally.  Will it get through the arc this time, or will it be denied once again?

I have been stopped out a couple times on short trades in the past couple days.  I am reaching the point of wanting to throw in the towel and go long.  But alas, it is precisely when we want to throw in the towel, that trends change.

Let’s look at a shorter term chart for more insight:As of this writing, price has not been able to escape the 2nd arc pair on the 4 hour chart.   It broke through briefly, but was pulled back within the arc’s dominion.  So, there is resistance overhead on the daily and the 4 hour charts.

Here is a 2-hour chart:Here, we can see that pricetime has bumped up against the same Gann angle that stopped the last rally.  And it has done so just as pricetime is hitting the 4th square in time, and exiting the 4th arc pair on this bear setup.

I must confess, I am getting gun-shy of the short trade in this surprisingly strong advance.  But I can’t help but feel that this might be another time to consider it.  We will see…

Happy trading!

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.

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