phil.steuerwald

Bitcoin - HUGE 3 mo. resistance approaching & govt shutdown day!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Short term I am neutral. I mainly am posting this idea to make traders aware of a huge resistance area that bitcoin is now once again approaching.

The last 5-6 posts, I have put myself out there and made price predictions that have been largely contrarian, but fortunately for me, spot on! I am grateful for the good trading fortune. Not wishing to push my luck, I will not be making any price predictions here.

In T-5 days, Bitcoin will be in another real quandary. Bitcoin has lived in my BLUE down-trending channel now for over 3 months. Bulls have yet to prove strength enough to break out. Bears have continued to annihilate the bulls at every near turn.

Although, I have no opinion on whether or not this will continue to be the case, I can tell you that I, personally, will NOT become a bull until proof is presented to me via the charts on why I should become one. So far, crickets.

Anywho, you can see that Bitcoin is now approaching the top of our channel again. Resistance is highlighted in RED. Once there, it's anybody's freakin' guess as to which way she'll go. But this resistance is highly significant and not to be casually overlooked!

Should we break it AND CONFIRM on the daily, we'll likely go to 11.5k. Should we break that, 17k it is!

Should the bears win again, 6k. Below that 2-4k!!!

Yes, that scary!

One more interesting correlation I've noticed, next U.S. gov't shutdown date is March 23rd (I think) which is this Friday. For sake of illustration, let's say the gov't does shutdown. Would this effect the markets? I think it could. Contrarily, if the gov't kicks the can down the road again, budget issues are swept under the rug, we move along, and everybody is pooping sunshine and rainbows (for now).

This weekend should show us what it's gonna be.

Peace. And happy trades my friends.
Mar 21
Comment:
What's it gonna be BTC?
Mar 22
Comment:
Bull flag has formed but it doesn't look like it'll offer these bulls enough spring to get through all that overhead resistance.
Mar 24
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Mar 24
Comment:
Resistance now approaching. Right on target!
Mar 27
Comment:
Ok. Should see a bounce here tonight folks. And one more test of that resistance. Good luck bulls!
Mar 27
Comment:
Not impressed. No immediate bounce reaction as expected. Could still be coming? But it could also spell trouble? Tonight will tell.
Mar 28
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Bouncing!
Apr 12
Comment:
Still haven't made it through resistance friends. I'm not buying the bullishness until breakout is confirmed on the daily. Still in the bearish channel and that means I'm still bearish.
I have seen many traders using a linear graph but my understanding is that log is better. Can you explain why you are also using one and not log scale? Thanks.
Reply
@N-Bluth, I use log as well. But for long term (multi-month, multi-year) analysis. I use linear for shorter term (weeks, months, and sometimes only days) swing trades. Peace.
+1 Reply
thx for the update
+1 Reply
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