I remain long-term bullish on Bitcoin as I have been for some time now. But I am of the opinion that a final leg of the correction from the $750 high will likely commence in the near future. See this daily chart:
As you can see the recent rally was stopped by the 3rd arc pair on this bull setup. This is hardly unusual. 3rd arcs are tough as a general rule. The question is, will it get through these arcs without another pullback?
Let’s take a closer look at this chart in a close-up of the more recent candles:
As you can see, despite a brief penetration of the arc, price has been unable to close on the sunny side of this resistance since it first encountered the arc more than a week ago. There have now been five unsuccessful attempts to breach the arcs. Sooner-or-later, I believe, price will get through, and a new rally will commence. But when?
There is a warning on the chart in
Read more ... source: TheBitcoinNews
Let's block ads! (Why?)
Powered by Bitcoin Central