Bitcoin Is Preparing a Run to $1000

In our last column we speculated that bitcoin price was going to $930.  It didn’t quite get there. It hit $920 and corrected there.  As I have held onto the belief that we are still in a corrective phase to the massive rally to 1150, I was thinking that 920 might be the end of the current rally.  But the asset is showing signs that another move higher is on the menu

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This is the daily chart.  You can see how the market reacted to the 2nd arc.  There was sharp selloff there, but the market on the shorter-term charts looks like it is getting ready to move higher. (I’ll show you that a bit later.)  For now, I notice that an important S/R line from an Andrews Pitchfork exactly intersects the 3rd arc at exactly $1,000.

2nd arcs occasionally stop market moves, though usually only in minor corrective moves.  The 3rd arc is stronger in many cases,

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