I am faced with a conundrum tonight. You see, the ethxbt 8-hour chart is now sitting on 5th arc support. This is typically very strong support. Of course, in this business one learns to “never say never”. The support could fail. But it would be foolish, imho, to bet against that support before seeing evidence that it is failing.
For the past week or so, I have been suggesting that an energy point in time on the Bitcoin chart is imminent. But my guesstimate and expectation has been that the asset would break “up” in an acceleration, rather than down. Of course, I have stressed repeatedly not to buy until we get a buy signal, a close above the arc (resistance) we have been looking at for a couple of weeks now. But still, I expected to be long Bitcoin very soon. Now I’m glad I didn’t break my rule.
Let’s look again at bitcoin’s daily chart:
Here is a closeup of the chart above:
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.
Last modified: March 4, 2021 4:52 PM