Yellow ellipses highlight areas of consolidation, indicating possible support and resistance levels in the current downtrend. Trend reversal could occur soon after August 1 if the chain split uncertainty has reasonable promise of resolution.
Comment:
This morning, enough miners signaled for SegWit2X to activate, which means the threatened chain split is most likely avoided. The current downtrend may soon be reversed. I'm watching for high volumes if price breaks above the current downtrend channel.
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For miner activation updates see coin.dance/blocks