Today, we will take yet one more look at the long term, 8-day candle chart of BTC, per Kraken. We looked at a bull setup from the Jan 2015 over the weekend and saw indications that BTC will likely be in a bull market through the end of the year. Then yesterday we looked at a bear setup from the Nov 2013 high, and saw kind of a foggy picture. Not very bearish, and not very bullish. Significant overhead resistance at ~ $714. Gann spoke of ‘wheels within wheels’, an image that I believe referred to the fractal nature of the markets. Knowing that the markets are indeed fractal, let’s take another bull setup of the long term chart, but this time anchor it on the start of the rally BTC has been in for a few months. Here we will see yet more indications that the market is likely to continue higher for a few months. This is a rather bullish chart. Note that the rally began in earnest as soon as pricetime cleared the 2 nd arc pair. But it was stopped cold by both the top of the 2 nd square and the 3 rd arc pair. 3 rd arc pairs very often stop rallies. Price fell all the way to the Gann 3×1 angle, moved sideways through the 3 rd arc pair and began to rise again the moment price time cleared the 3 rd arc pair. This is all signs of a bull market that isn’t likely to stop in the near future. Indeed, it will almost certainly hit the 4 th arc before it seriously stumbles. However, I am of the opinion that the 4 th arc pair will not likely be the end of the present bull move. It is my opinion […]
