Well, in a rare instance of predictability, Bitcoin has plotted the expected course precisely (see related post). I am expecting us to still cross our 200MA (current resistance) on the 4hr and hit our heads on that ever looming $12,600 QUAD resistance overhead. Whether we make it over that or not is still TBD. At the very least, traders would be advised to take some profit here. We'll likely drop back down to the $10,000 area before the bulls can muster enough strength to take another stab at it.
One more item worth mentioning. The time in which we hit our overhead quad resistance coincides nearly exactly with the next expected U.S. gov't shutdown deadline date. File this one under "Things that make you go Hmmmmm".
Happy Trading Friends!
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I am sorry but I goofed on that gov't shutdown date. Although, I still do think it will become significant in mid-March, the deadline for the new budget proposal will not be until March 23rd. On my chart, I had been eyeing the date of Feb 23rd. Again, still significant and something to keep an eye on but it does not occur until later next month so not something for us to worry about until then. At that point, i will take a second look to see how the budget deadline coincides with my charts. There still might be something there to consider.
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I will be placing a sell order for around the 12.4k area. i will look to reposition at around 10k.
So what is that government shutdown exactly? Any info on that? Good charts btw.
stewdamus
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@LaurentTrader1994, I am sorry but I goofed on that gov't shutdown date. Although, I still do think it will become significant in mid-March, the deadline for the new budget proposal will not be until March 23rd. On my chart, I had been eyeing the date of Feb 23rd. Again, still significant and something to keep an eye on but it does not occur until later next month so not something for us to worry about until then. At that point, i will take a second look to see how it coincides with my charts.