Bitcoin surprised me this morning with a strong push through resistance on multiple timeframes. As you can see on the daily chart below, price has pushed significantly past the 1st arc on the setup from the 750 low (see red arrow). While technically this is not a buy signal until we have a close above the arc, it seems highly likely that we will be given a buy signal on the daily chart in 16 hours or so.
The 8-hour chart shows price trying to get through resistance at the 2nd arc as these words are being typed.
I am tempted to speculate what might happen at that point, but there is no use in getting that far ahead of ourselves. Let’s see what happens when we get to the resistance points already identified.
Ethereum is still struggling with the same arc of resistance that has frustrated bulls for many weeks now. As these words are being typed, price is challenging the arc yet again.
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.
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Last modified: March 4, 2021 4:53 PM