Couple days of inaction and consolidation for ETH! RSI is back to neutral zone (58).... Price is holding nicely above 21 MA. According to what I'm seeing, a break up is highly probable, but I'm not sure about the time! It can happen tomorrow or closer to the weekend. If it can break strongly through $404 resistance then we are off for a strong rally up to 261.8% Fib Extension or $531.... I would recommend to wait for confirmation before opening positions.....
There is also a chance for more downward selling pressure, in that case $360 or 50 MA will be the first resistance. I will give this less chance at the moment.....
I expect two more days of consolidation until the pivot. Decrease of volatility to the 2 dollar range will be a good signal, similar to the chart between July 27-30. But bitcoin must also hold steady for this to be possible.
nomisl
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Any thoughts on the BTC futures gap at 9.7k which, according to history, it'll be filled at some point...which could drag ETH down with it?...
Milad_IMZ
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@nomisl, I think Bitcoin will retest 9K levels again before take off...... I will write an opinion for Bitcoin soon....