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 , or, close lower, break below the first horizontal and then go the lower horizontal between 363 and 335.
Bear in mind that despite the current horizontal holding with a 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.
Leave a LIKE and follow. I would really appreciate it. :-)
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.
Thanks for sharing.