For Bitcoin (BTC) to breakout to the upside, people have to willing to buy it above 8300. I know that sounds like an obvious statement, but it is something to consider when looking at the Bitcoin (BTC) daily chart.
We have a set of Fib speed resistance lines that are working very well for us. Looking at the chart above, Bitcoin (BTC) is pressing against resistance near 8240. The resistance is right at a Fib speed resistance line. We are surprised at how strong the resistance here is. But maybe we shouldn't be? The same line was powerful support the last time Bitcoin (BTC) took off from 8800 to 12000. This situation is getting frustrating because there are so many reasons to be bullish Bitcoin (BTC), yet it can't break resistance.
Bottom Line: We are willing, but we are starting to get a little frustrated. Yesterday and today are perfect days for a breakout, yet it is not happening. We will continue to wait and see. Stay disciplined on position size and stops.
We have a set of Fib speed resistance lines that are working very well for us. Looking at the chart above, Bitcoin (BTC) is pressing against resistance near 8240. The resistance is right at a Fib speed resistance line. We are surprised at how strong the resistance here is. But maybe we shouldn't be? The same line was powerful support the last time Bitcoin (BTC) took off from 8800 to 12000. This situation is getting frustrating because there are so many reasons to be bullish Bitcoin (BTC), yet it can't break resistance.
Bottom Line: We are willing, but we are starting to get a little frustrated. Yesterday and today are perfect days for a breakout, yet it is not happening. We will continue to wait and see. Stay disciplined on position size and stops.
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