Bitcoin Pushing Through Resistance Again
Bitcoin is now pushing its way through arc resistance in several timeframes. I think it is reasonable to assume that it will soon get through the arcs to close on the sunny side, giving us buy signals once again. Here is a 4-hour chart: As you can see, in this setup it was the top of the 4th square that knocked price for a loop several days ago. But the chart found support at the 3rd arc, retraced back to the 4th arc, faltered for a bit, but is now pushing through. Of course, it is possible that the 2nd arc of the pair will knock it back down, but that seems a bit unlikely. Far more....
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Bitcoin price just came off a test of the triangle support and might be due for another move towards resistance. The 100 SMA is above the 200 SMA, signaling that the path of least resistance is to the upside. Stochastic is on the move up, which also confirms that buyers are in control of price action for now, likely pushing for a test of the triangle top around $420-430. RSI is also heading north so price might follow suit. Stronger bullish pressure might even lead to an upside break of the triangle resistance and a prolonged uptrend for bitcoin price. In that case, price could resume its....
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Bitcoin price could test the top of the triangle, which might hold as resistance since it coincides with the 100 SMA and is coming off a strong downtrend. The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. This suggests that the $390-400 area might keep gains in check, pushing bitcoin price back to the bottom of the triangle at $370-375. Stochastic is on its way up, after just making it out of the oversold region. This indicates that bullish pressure is present and that buyers could attempt to push past the triangle resistance. If so, price....