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):
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:
Here is a 2-hour chart:
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…
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.