Bitcoin closed just below the arc support it had been resting on for a couple days. As you can see below, the top of the square stopped this advance for 3 days in a row. This break below support does not support the bullish argument.
I have expressed the opinion on these pages that the correction was not yet over. If in fact the downturn resumes here, perhaps as a C wave of an A-B-C Elliott Wave, this bear setup on the daily chart indicates where the major supports will be found:
The blue arrow is pointing to the ‘0 line’ of an Andrews Pitchfork (not shown). That support, at ~ 850 could hold, at least temporarily. More likely, imho, long-term support will be found at the 3rd or 5th arc pairs (red and green arrows respectively). The green arrow shows the intersection of the 5th arc and the 2/21/2017 timeframe. This February date is highlighted as a significant energy point (in time) in the bitcoin market by the ‘Spiral Calendar’ championed by Chris Carolyn.
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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Last modified: March 4, 2021 4:54 PM