Bitcoin and Ethereum Consolidation Continues

Not much has transpired in the Bitcoin space since yesterday.  There was a minor selloff, but that was not completely unexpected, given that the chart is moving through an arc pair on the daily chart (3rd).  I suggested yesterday that the 1.732 extension from the pitchfork would probably hold, and so far it has.  Here is the daily chart with the long term setup displayed:

1121a1121aWhile I’m sure most Bitcoin traders would rather there were no consolidations ever, they are a fact of life.  As I have repeated many times, when pricetime exits the arc pair on the sunny side, we will get a buy signal.

Here is the same chart with a shorter-term setup:

1121b1121bOn this chart, which we saw yesterday, price is trying to get through the 4th arc pair.  So far, it has been unable to get a close

Read more ... source: CryptoCoinsNews

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