BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Ethereum showing continued weakness at the horizontal support zone , as it trades along the bottom of the zone between 503 and 460. Price at present shows a small green candle, showing bulls have at least acknowledged the support level , and it depends how the candle closes today as to determine whether the current horizontal support level will hold.

Ethereum is looking technically weak after hitting and breaking down consistently since hitting side-wards resistance line on 21 June at 545. I expect price to either close as a green candle today and stay in the first support zone , or, close lower, break below the first horizontal support zone and then go the lower horizontal support zone between 363 and 335.

Bear in mind that despite the current horizontal support zone holding with a bullish harami, I don't really have much faith in it. The breakdown looks strong since hitting the side-wards resistance line and I don't think it will stop this soon.

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Comments

Just reminding everyone to NOTICE that Tom's leaning toward a slide down is holding true.

As a positive to add the gloom.. the courts canceled the sale of Mt Gox coins until 2019.... and even better news, a motion has been entered into the courts that presses Mt Gox to return assets to creditors in the form of original coin.

This has many implications..

- Although Bitcoins may slide down further the next support level, there will be a great reduction of FUD as this good news spreads. Although I have no TA to support these theories, it also may slow the downward price momentum.. essentially making the next support level we hit as the final bottom.

- Another side effect of this news may also speed recovery from this final bottom.. and accelerate the rise.

I eager to see Tom's next TA, if and when we hit the next support level.

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@im_sng, Interesting. There is absolutely no reason why this couldn't happen.

Thanks for sharing.
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im_sng TomProTrader
@TomProTrader, Thanks for reviewing this
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@im_sng, No worries. (Late reply) ;)
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On the topic of manipulation theory... these forces are hiding (in plain site) and this gives TA a reprieve from unnatural assault

But their plan has always been the same.. and it is resuming.

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TomProTrader TradeClass
@TradeClass, Thank you for sharing.
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I am always thrilled when a seasoned and talented trader has a TA idea that matches my own humble alternative ideas. :)

 
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TomProTrader TradeClass
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Looks about right.
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