Will Bitcoin See Another Leg Down?

BitsPlan

I remain long-term bullish on Bitcoin as I have been for some time now.  But I am of the opinion that a final leg of the correction from the $750 high will likely commence in the near future. See this daily chart:

11_11b11_11bAs you can see the recent rally was stopped by the 3rd arc pair on this bull setup.  This is hardly unusual. 3rd arcs are tough as a general rule.  The question is, will it get through these arcs without another pullback?

Let’s take a closer look at this chart in a close-up of the more recent candles:

11_11c11_11c

As you can see, despite a brief penetration of the arc, price has been unable to close on the sunny side of this resistance since it first encountered the arc more than a week ago. There have now been five unsuccessful attempts to breach the arcs.  Sooner-or-later, I believe, price will get through, and a new rally will commence.  But when?

There is a warning on the chart in

Read more ... source: TheBitcoinNews

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