Bitcoin Pushing through Resistance

BitsPlan

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:

11_17a11_17aThe 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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