Bitcoin continues to advance like a rising river which slowly but surely overcomes each obstacle in its path. Indeed, while it is surprising that the advance has not yet taken on a greed-fueled vertical ascent, the tepid and fearful, but relentless, advance has served it well. Advances can continue longer when they assume a more measured climb. <\/p>\n
As these words are being typed, the asset has stumbled after hitting a 5th arc on a 4-hour chart. That is not surprising. The surprise will be when\/if the 5th arc folds before continued buying pressure, like so many resistance points before it, over the past few weeks. Usually, I view 5th arcs as points to expect a reversal. But somehow, I feel it more likely that the arc will yield over the next several hours. Time will tell. <\/p>\n
Still however, it is an axiom of this business that corrections must come sooner or later, even if they are just small ones. The age-old question looms: When and where will the next (relatively) significant one occur? <\/p>\n
Obviously I cant say for a certainty where or when. But I can see where the sweet spots on the charts are points to watch. And there is a point that stands out as place to watch carefully. <\/p>\n
There are 3 points that intersect on the chart above. The top of the 5th square, a 0.5 pitchfork line, and an energetic point in time on the 26th. I realize that the term energetic point in time sounds ridiculous to those not steeped in the esoteric. But they exist, for whatever the reason. WD Gann made millions in a time when a good house sold for $5000, utilizing esoterica far more bizarre than that. <\/p>\n
The 3 points meet on 2\/26, at a price ~ $1215. While I dont think that this will mark a long-term top, it is a likely a good place to take profits, and wait to see what happens next, if pricetime gets to that place. We will see <\/p>\n
Happy trading! <\/p>\n
Remember: The author is a trader who is subject to all manner of error in judgement. Do your own research, and be prepared to take full responsibility for your own trades. <\/p>\n
Featured image from Shutterstock. <\/p>\n
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\nBitcoin is Challenging the All-Time High - CryptoCoinsNews<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"