Bitcoin Price Uptrend Hurdled By The 1 x 1 Gann Angle
Bitcoin price dropped today to print a low of around $350. The bullish wave has slowed down after piercing the resistance level at $350. Today's trading volume wasn't as high as yesterday's. It seems that the bulls will not be able to keep bitcoin price supported above $350 for so long, so it is expected to drop below that crucial resistance level within the next 1-2 days. Testing The 1×1 Gann Angle On The 1 Hour Chart: By examining the 1 hour (BTC/USD) charts from Bitstamp (look at the below chart), plotting Fibonacci retracements between the low scored on the 25th of November ($317.62)....
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Bitcoin price inched further up earlier today to record a high of around $383. Although bitcoin price managed to break the resistance point at 00:00, which corresponded to the line of intersection between the 1 x 1 Gann angle and the 0 Fibonacci retracement level (refer to yesterday's analysis), it dropped below the 1 x 1 Gann angle a few hours after shooting above this key resistance level. Bitcoin Price Moving Parallel To the 1 x 1 Gann Angle: By examining the 1 hour (BTC/USD) charts from Bitstamp and keeping the fibonacci retracements and the Gann angles we plotted during earlier....
Bitcoin price rose gradually earlier today to a day high of around $365. As per yesterday's analysis, bitcoin price failed to overcome the resistance corresponding to the point of intersection between the Gann 1×1 Angle and the 23.6% Fibonacci retracement level at around 20:00 hours. According to the Gann Angles we plotted yesterday, bitcoin price is expected to face another strong resistance level at exactly 00:00 on Monday, which is a few hours away from now. Gann Angles: The beauty of Gann angles is that they utilize some integration concepts from the book of "Calculus" to help us....
Bitcoin has given up some it’s gains in the past 24 hours, but overall the chart has not changed in a few days. So lets take a peek at ethereum’s daily chart. Let’s start with a bear setup, and then we will look at a bull setup, to see if we can glean any information from the two charts that might give us a clue as to what might happen next in this asset: After that spike low, this is really the smallest bear setup we can make from the high. A few points worth noting is that the 1st arc pair contained price for several months until a breakout was stopped by the 1×1 Gann angle from the high....
With all the excitement in the Bitcoin market recently, I have not paid a lot of attention to Ethereum. However, this asset deserves our attention. It is signalling that a new advance might be in the making. Let’s look at a bear setup on long-term 2-day chart: This bear setup from the ATH shows 2 successful tests of support at the 1st arc pair. I don’t imagine I need to explain here why this bullish. However I want to point out that the blue arrow is highlighting a test of the 1×1 Gann angle. The 1st test of resistance was unsuccessful (from a bull point of view). However, price is once....
For those who have been following my work, in yesterday’s bitcoin analysis article we postulated that the 2nd arc of the arc pair might hold bitcoin price back for a bit – maybe cause a pullback – and that is what happened. 11_2aI am still of the opinion that the 4th arc pair will likely be broken. This would make the 5th arc the next target. However, I do not know this for certain. There is still that disconcerting bear setup that we looked at yesterday. Let’s look at it again: All those arrows are pointing to places where Gann angles provided support or resistance, even if for just a....