Bitcoin Looks Poised to Accelerate Sharply
Well, it took a short while, but the first of the resistance arcs holding back Bitcoin price gave way today. The 2nd arc of the pair is resisting as of this writing, but it seems highly likely that this resistance will also fail, and make the 5th arc pair the next target. 11_1aThis suggests a target in the $850 range as the next target. This price was indicated in a setup we looked at on these pages almost 2 weeks ago. It is increasingly looking like this is a good market to be in. Let’s look at a longer bull setup of the same daily chart: This was the chart we looked at a few weeks ago....
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This week, bitcoin found resistance around 262 and formed a head and shoulders with a neckline around 256. After the breakout, there was a period of consolidation, where we saw bulls fail to reach back to the shoulder level around 260. Instead, after a session of consolidation, price fell sharply during the April 8th session. As we enter the April 9th session, btcusd looks poised to continue a bearish trend. Bitcoin (BTCUSD) 1H Chart April 9. The 1H chart shows that price fell sharply after confirming the head and shoulders top, it is now under the cluster of 200-, 100-, and 50-hour SMAs.....
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