As many of you know, a good representation of majority of the altcoins is to have a look at the ETH/BTC chart, if they move one way, its a high probability the other coins will move in tandem. However, we are currently at a weekly support level where it seems to be slowly breaking below, its still holding up though for now, so no trades being taken yet. The range has been good, bouncing off the support and into the daily resistance level, however statistically with sunday tending to be bearish rather than bullish in cryptos, its hard to say. Confirmation is needed before taking any long or short ideas.. Just a good idea to keep a watchful eye on which way it will go!
Comment:
As you can see, a clear indication of what happened. Market broke below support, and the whole market went bearish.