Why I'm Taking Profits Amid Bitcoin Price Resistence
The bitcoin price has more than doubled since I first published the report "How to Position for the Rally in Bitcoin" little over a year ago. It's been a great run, and I think there is a lot of potential left on the upside, but nothing goes up in a straight line and we are faced with a potential price resistance zone at $700-800. Here's how I see it: in the chart above, the straight line is simply the $700– ¥4,000 price resistance (a potential price target for traders), and the slanted line is the resistance above a cup-and-handle continuation pattern that's been forming for the....
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Bitcoin. As we look back on the week Bitcoin was clearly a win. Up from ~ $630 to $710 since this time last week. Ethereum on the other hand, was a loser, down from ~ $13 to ~ $10.75. Happily, our readers were on the right side of these trades for the last week. Having a good week is cause for celebration, but there is always next week to consider. Is it time to take profits on our positions? Let’s start by looking at bitcoin’s daily chart. As you can see the latest advance began after pricetime cleared the 3rd arc [pair. It went almost straight up until it hit the 1×2 Gann angle, where it....