Bitcoin Channels its Inner Energizer Bunny in Rampant Run

As mused in the most recent column, it seems that the 2/20/17 timeframe was, in fact, an acceleration.  A couple hours ago Bitcoin jumped close to $40 per coin.  It hit resistance at 1093, which of course made me wonder if $1100 might be a swing high.  However, I note that the weekly bar, now only a single day old, has punctured the 3rd arc pair of a bull setup from the Aug 2015 low.  Of course, there are still 6 days to go before the candle closes, so this does not qualify as a buy signal on the weekly chart.  But still, it is rather bullish…

The daily chart has closed above the 4th arc pair on a bull setup from the same Aug low.  This is a buy signal on the daily chart.  Stops might be placed just below the arc, which should hold, if the breakout is to continue.

Read more ... source: CryptoCoinsNews

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