Ethereum is under heavy fire, and it's possible it may have room to go even lower. If Ethereum and Bitcoin cannot break out of their current descending patterns, then we see another wave downwards.
Supposing that ETH does breakout up above the descending trendline, then we can expect to see 1200 USD again, especially if it can break 1000 USD.
However, if it can't break upwards, then we will see a continuation of the downward trend. We expect that downward wave would go to the 650 USD area.
We can enter our trades pending a breakout (up or down), once it's clear what direction it will go.
Do your due diligence before trading.
Supposing that ETH does breakout up above the descending trendline, then we can expect to see 1200 USD again, especially if it can break 1000 USD.
However, if it can't break upwards, then we will see a continuation of the downward trend. We expect that downward wave would go to the 650 USD area.
We can enter our trades pending a breakout (up or down), once it's clear what direction it will go.
Do your due diligence before trading.
Comment:
Ethereum could not break the trendline... 650 USD is the next stop, and we can enter long there if it manages to hold that lower, ascending trendline.
Comment:
As predicted, Ethereum bounced at $650. Let's see if it can break this descending trendline on the next test!
Comment:
Did not break the descending trendline, instead pushed lower. We are likely to see the 440 level next.
