Ether has pulled back heavily along with
BTCUSD
and other Crypto currencies.
So far sellers have barely pulled us down to the 160s area where there is prior market structure. Lots of buyers and sellers in this price area which should lead to price stability / support here. In addition this is a 50% retrace on a highs-to-highs basis which has traded and supported before.
If buyers can hold on to this area and exhaust sellers then we can head back up to target areas in the mid-250s. I suspect there are lots of buyers on the sidelines who missed out on recent rallies and will 'fear' missing out on the next leg up.
If sellers can take us below the 140 area that might indicate a larger, longer time frame pullback. In such a case a rally would be something to sell into rather than buy into. I suspect prices will hold above the 160s though. We will have to wait and see.
BTCUSD
and other Crypto currencies. So far sellers have barely pulled us down to the 160s area where there is prior market structure. Lots of buyers and sellers in this price area which should lead to price stability / support here. In addition this is a 50% retrace on a highs-to-highs basis which has traded and supported before.
If buyers can hold on to this area and exhaust sellers then we can head back up to target areas in the mid-250s. I suspect there are lots of buyers on the sidelines who missed out on recent rallies and will 'fear' missing out on the next leg up.
If sellers can take us below the 140 area that might indicate a larger, longer time frame pullback. In such a case a rally would be something to sell into rather than buy into. I suspect prices will hold above the 160s though. We will have to wait and see.
Comment:
BTC is also at a potential support area. BTC will need to hold as well. BTC is the crypto market leader.
Comment:
Prior highs seems to be acting as support. A few short dips below. I suspect sellers will get exhausted and buyers will get confident and lead us up for our next move.