Bitcoin Looks to Go Higher

Bitcoin continues to show strength as it is continuing to test the recent $750 high as these words are being typed. Nothing has changed in terms of targets from what was written in this column yesterday.  Namely, resistance lies in wait ~ $810, but that resistance will likely yield.  Stiffer resistance will likely be seen at ~ $855.

Ethereum

Ethereum continues to disappoint expectations. As these words are being written, ethereum’s daily chart continues to be confounded by the 2^nd arc of the 3^rd pair.

Price was knocked down hard by the 2^nd arc pair (1^st arrow), and turned down violently at the end of the 2^nd square.  It then meandered sideways until it hit the 3^rd arc pair.  Ever since price hit that pair back in the beginning of October, the pair has bedevilled the asset.  Finally, after more than 5 weeks of falling prices, price rose again to meet and test the resisting arc.  I had hoped it would break through.  But it turned down and has fallen every time it touched that arc for the past 3 days.

The coin should find support soon ~ $9.10.  But I don’t suggest buying it until we see a convincing close on the sunny side of the arc that has stopped it for over 5 weeks now.  Far better, imho, to buy a bit higher with confirmation, than get a better price of a coin which has not yet stopped falling.  That is, of course, just my opinion.  Your mileage may vary.

Anyways, imho, Bitcoin is a far better long trade right now than ethereum is.

Happy trading!

Remember:  The author is a trader who is subject to all manner of error in judgement.  Do your own research, and be prepared to take full responsibility for your own trades.

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