Bitcoin Needs to Be Watched Closely Now

0
37

Bitcoin continues to show strength as it is relentlessly advancing through each and every resistance it encounters.  I find myself in a quandary.  It is becoming increasingly clear that the macro vision I had in the past few weeks, of Bitcoin testing it’s recent lows, and from there beginning a stunning advance to ridiculous new highs, was wrong.  I am starting to grasp that it is more likely that the recent lows will not be tested.

The daily chart has broken through the 2nd arc. Barring a stunning reversal before tomorrow morning, the daily chart will give a clear buy signal tomorrow.

Meanwhile, the 4 hour chart has closed above resistance, again.  It has even poked it’s head above a novice resistance line drawn from the last 2 swing highs.

There is a 5th arc at ~ $1100  on the 4 hour chart, which could be a stopper, but that resistance is not readily apparent on the daily chart.  My reticence to be a short-term bull is starting to feel like I am being victimized by preconceptions not endorsed by recent chart signals.

So, I am looking anew at the charts.  As I have stated in the past, 2/19-2/21 is an energy point in time for bitcoin.  As I have stated, I had thought a low would be seen in that time frame.  Recently, it seemed more likely there would be a top in that time frame.  Well, 2/19 is tomorrow.  I see little compelling reason to think that a top will be reached tomorrow or the next day on the daily chart. There, the strong resistance is seen ~ $1200. (If $1200 is reached by 2/21, it will likely be a top.)

The weekly chart is showing a warning however:

As you can see, the last advance was stopped by the 2nd arc of the 3rd pair.  Pricetime will hit that same arc again at ~ $1074.  I suspect price will get through it this time.   We will see…

 

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.

Betchain bitcoin casino 728x90

NO COMMENTS

LEAVE A REPLY