In my last column I suggested that ethusd would be going higher. If you take a look at the picture I sent in with that column, you can see that at that time, pricetime was at the high point indicated by the red arrow in the picture below. Price was above the 2nd of the 4th arc pair. This is an excellent indication of the way markets can fool you. It becomes clear why it is important to wait for the close above resistance. As you can see, the market reversed after the column was written, and the candle closed below the arc. That was a red flag that caused me to close my position. If you are following me on twitter, then you got my tweet suggesting that it was a good time to take profits.
Even though we since had a couple of closes above the arc, I am not yet convinced the rally has resumed. This could still be the beginning of a larger correction. I say this because the arc is a natural place to stop an advance. The other reason is that the black vertical line looming to the right of pricetime is the
Read more ... source: CryptoCoinsNews
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