Ethereum Drifting Lower as Bitcoin Stays Sideways

BitsPlan


Bitcoin

Sometimes the best play is to just wait, and that seems to be the case for Bitcoin, as it continues to move sideways through an arc of resistance.  As mentioned a day or two ago, this sideways movement might last close to another week.

The latest daily chart follows:

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Those who have been following along will recognize that on the short-term setup, price is working its way through 4th arc resistance.  The longer-term setup shows a similar picture.  Interestingly, price is exactly at the point at which the 2nd of the arc pair will be hit, 90 degrees past the big jump of Sept 3.

While my hunch is that  price will break free of resistance and begin the next leg up at that time, I would not suggest buying it until after we get a close above the arc.  That second arc of the pair could be the kiss of death, even if it seems unlikely today. 

Read more ... source: CryptoCoinsNews

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