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As shown on the daily chart below, Bitcoin has recently broken above several types of resistance, namely a downtrending Andrew’s Pitchfork channel, and two downtrend lines.
There are two potential scenarios for Bitcoin relative to the pitchfork channel:
price spikes up to its 200% Fibonacci outer edge, which is currently around the 10000 level, or
price drops back down to its 100% Fib channel edge, which is currently around 4000.
Keep an eye on the momentum indicator. It’s in the process of forming a higher swing high, hinting of further strength ahead, but we’d need to see a series of higher price swing highs and lows to suggest that its downtrend has reversed with any conviction. Otherwise, it may head towards 4000. (more…)
With all my nebbish-like hand-wringing of this morning’s post, in which I worried that the bears were so terribly at risk, I guess it makes sense that the bulls got piano wires wrapped around their throats. We went into an immediate dive following the opening bell, with the blowout earnings from banks having a positive effective on financial stocks as long-lived as a lucky high school junior during a successful prom night after-party.
I think the bears could be in “grave danger” for two related reasons. First, we have either filled or are about to fill some important price gaps, and second, there is a fairly well-formed basing pattern over the past several weeks, as shown here on the S&P 500 futures: