Point : In a similar set up to ETHBTC things have recovered well vs litecoin over the last month or so but to me the price action doesn't look bullish
but rather a breath of fresh air for the bulls until the bears drag them back underwater. The RSI
indicator has given us lower highs and lows in congruence with price, so I expect a big drop
shortly because that's what happens next with RSI
like that. MACD
and gives no sort of buy signal. So with no areas of prior price discovery in this range (gap trade) I think it's safe to say the nature will consume this void and we hit about .003 or so. We can use a weekly close above .01 as a stop loss.
Counter point : Can't do it. Everything looks very bearish
to me. Need to see a good close above .01 to think otherwise.