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Ethereum has not yet broken through arc resistance – it just can’t seem to get out of the arc pair, which keeps pulling it down. So unsurprisingly, ethxbt has fallen through 5th square support of the setup I was using. This means my setup was too small. Taking the setup to the next larger size yields this picture of the 8-hour chart:
The drop through support, and consequest re-sizing of my setup strongly suggests that contrary to my thinking 12 hours go, it is Bitcoin which will out-perform ethereum for the foreseeable future.
As of this writing it appears that Bitcoin is going to take out the recent $750 high, so it will likely go to at least the 2nd arc of the pair at ~ $790 before it slows. When/if it gets through that arc, there will be a buy signal on the daily chart. (Note that $790 is just above the recent high of $780 in
Read more ... source: TheBitcoinNews
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