The 2nd arc of the 3rd arc pair has stopped bitcoin price for three days now. The arc is being tested again as these words are being typed. Here is the daily chart:
The resistance line drawn in pink is also still holding, but continues to be tested several times a day for the past few days. My belief continues to be that the resistance will fail shortly, though there is always the possibility that the arc resistance will hold and force price lower. However, I tend to think that if that were going to happen it would have happened already. Buying strength seems strong.
When/if the arc fails, as I expect, as you can see, there is a whole lot of room before price hits the top of the square. And even more before price hits the 4th arc pair. It looks rather promising for those who are long Bitcoin, imho.
Look at a close-up of that arc:
Amazing isn’t it? How the 1st of the arc pair stopped price 4 days in a row and now the 2nd of the pair has stopped price 3 days in a row.
Let’s look at the 8-hour chart next:
Top of the square resistance has stopped price twice in the past 2 days. However, the odds seem overwhelming that this resistance will fail. I note that the top of the 5th square is ~ $1025, which is a number we gave seen on many occasions, including the Square of 9, which we looked at a week or two ago…
I continue to believe an exciting moment is looming before us.
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.
Last modified (UTC): December 15, 2016 19:06