Bitcoin Pushing Through Resistance Again

Journalist:
February 15, 2017

Bitcoin is now pushing its way through arc resistance in several timeframes.  I think it is reasonable to assume that it will soon get through the arcs to close on the sunny side, giving us buy signals once again.

Here is a 4-hour chart:

As you can see, in this setup it was the top of the 4th square that knocked price for a loop several days ago.  But the chart found support at the 3rd arc, retraced back to the 4th arc, faltered for a bit, but is now pushing through.

Of course, it is possible that the 2nd arc of the pair will knock it back down, but that seems a bit unlikely.  Far more likely, imho, is that price will get through and target the 5th arc at ~ $1087.

It seems that the 2/19-2/21 timeframe will see price hit the 5th arc. What will likely happen then?  Of course, I can’t say for sure.  However, Chris Carolyn’s epic work, “The Spiral Calendar” has called out this time frame as a time window to watch as an “energy point in time”, so to speak.  Truthfully, for several weeks now I had assumed that the 2/21 time frame was going to see a major low, leading to a wonderful time for the bulls.  It now appears that it may in fact be a top.

Time will tell if that is true or not. But for now, it seems that a buy signal on the 4-hour chart is likely imminent.

Here is the 2-hour  BTCCNY chart (BTCCHINA):Here we can see that price fell after reaching the end of the 2nd square in time, but has since crossed the 3rd arc pair. While price is still looking a bit weak here, the 4th arc is a long way up, when/if price decides to turn up.

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.

Image from Shutterstock.

Jim Fredrickson @jimfred1276

Jim has an MBA from the University of Southern California. He has been trading commodities, forex and bitcoin since 1993. You may email him directly at: jimfred1276 at gmail dot com. Feel free to follow him on twitter.