Bitcoin (BTC): Wait for a Dip and Perhaps Be Left Behind

February 19, 2019 / by Bill Noble

Based on recent price action, we are suggesting a shift in how you look at support, resistance, and upside targets in Bitcoin (BTC). There’s an important reason for this. The slow creeping bid is very reflective of how a bull market begins. The higher Bitcoin (BTC) goes, the more reluctant people are to buy at higher prices. People who wait for dips can get left behind.

The crux in our shifting approach is to look at both diagonal resistance and longer time frame charts for Bitcoin (BTC).

The first new chart is the Bitcoin (BTC) monthly chart. Looking at a Gann structure on this chart, February of 2019 could be a repeat of August 2017 (Figure 1). Bitcoin (BTC) is currently on a Gann line that it was on back in August of 2017. Back then, when Bitcoin (BTC) rallied it went from roughly $2,900 to the next major Gann line near $4,600.

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At present, we see no reason why history cannot repeat. If history does repeat, Bitcoin (BTC) could move to $5,303 during this month.  If that sounds crazy, that makes our point.

One other factor feeding our call for FOMO is the fact that Bitcoin (BTC) vs. the Euro is breaking above a Fib speed resistance line (Figure 2). This may create an imminent break through horizontal resistance near 3,962 Euro.

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The Euro as a fiat currency has some deep and potentially unfixable problems. That makes Bitcoin (BTC) vs. the Euro worth looking at. It’s the best source to detect fiat failure.

Bottom Line: The time for FOMO and to buy strength is when people are advising against FOMO. In our view, that time is now.

To FOMO or not FOMO? The Crypto.IQ Trading Desk is working on the answer to that right now.

Join me there.