From a purely technical analysis perspective, I think continuation of a downtrend is likely. We have a H&S pattern forming on the daily, we have MT. Gox periodically selling massive amounts of BTC and we haven't gotten oversold RSI on the weekly yet. I would also like to see at least some bullish divergence on the daily RSI, which hasn't happened yet either. I'm thinking we'll have a slow grinding, painful downtrend until end of August where we will bottom out at around .786 fib of last year's rally at $4400.
The only thing that puts doubt in my mind about continuation of downtrend is that the Alts all seem very oversold where many reached their previous highs from before the huge rally Nov/Dec. We know that BTC will drag alts down with it, but I find it hard to fathom ETH being under $380 again and Litecoin under $100. Anything is possible in crypto and I guess this is what capitulation could look like where everyone is in disbelief.
P.S. This analysis doesn't align with my psychic predictions according to which the bottom is in and we should rally soon.
The only thing that puts doubt in my mind about continuation of downtrend is that the Alts all seem very oversold where many reached their previous highs from before the huge rally Nov/Dec. We know that BTC will drag alts down with it, but I find it hard to fathom ETH being under $380 again and Litecoin under $100. Anything is possible in crypto and I guess this is what capitulation could look like where everyone is in disbelief.
P.S. This analysis doesn't align with my psychic predictions according to which the bottom is in and we should rally soon.