Bitcoin Overcomes Resistance Yet Again
As expected in the last column, Bitcoin sold off after touching the 5th arc on the 2-hour chart, falling from $1050 top $1005. However, the fall was less than expected, and then the asset reversed and pushed its way through the arc pair. For those following along at home, the buy signal was given at $1028 on the 2 hour chart. On the 4 hour chart, this is what recent price action has looked like when seen through the prism of an Andrew’s pitchfork: For those not familiar with the pitchfork, the bold blue line is the “0 line”. It stopped price from advancing 3 times in a row. But the 3rd and....
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During the Asian session, the Bitcoin price strengthened to $452. And this happens while we receive positive macroeconomic statistics from the US. Moreover, other currencies also grow against the Dollar. These facts suggest the activity of a large number of buyers, both in Bitcoin and other currencies, and that buyers are so optimistic that this overcomes the resistance of the Dollar. This suggests that in the short term, the Bitcoin price could resume growing. Today we expect the publication of the data on initial applications for unemployment benefits, but this shouldn’t affect the....
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