ETH has been bumping along under the weight of a 3rd arc pair on a longer-term chart for the past few days. There is an energy point approaching. Which way will it likely break? Up or down?
The first thing I notice is that pricetime is still below the 3rd arc, so that would be a red flag urging caution. On the other hand, price has tested that arc some 6 times now, and has not been slapped down yet. This suggests that sooner or later the arc will yield. Is that time now?
I tend to think it is likely to rally soon. One of the clues I have is the ETHXBT chart:
Here we see two setups (we looked at this chart over the weekend). Interestingly, both setups have arcs which intersected at the present time. One of those arcs pairs is a 5th arc pair (black). Pricetime is very close to exiting both of those arcs in the next several hours (unless there is a
Read more ... source: TheBitcoinNews
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