Bitcoin Price is Straddling Key Resistance and Support Here

We haven’t looked at Bitcoin in a few days, so today let’s look again at the daily chart, to get a look at the medium-term environment. Here is the bull setup we looked at in the recent past:

10_19a10_19aAs you can see, pricetime is meandering it’s way through the 3rd arc pair.  Longer term this is bullish because when it gets out of the arc pair it is likely to rise again.  But until it gets to the other side, with a strong close above the arc, it’s not so clear what will happen while its in the pair itself.

The red vertical line shows that tomorrow is 120 degrees since the spike low of 6/22.  So we are at a point in time that we can expect something might begin tomorrow. But what? A reversal or an acceleration?

We will look at a bear setup from the high to see what it suggests:

10_19b10_19bWe saw this bear setup previously.  The 1st 2 red arrows indicate that the markets

Read more ... source: TheBitcoinNews

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