TL:DR - The bears appear to have won after nearly 7 days of consolidation. Look for support at $550 then the $496-529 range.
This is the ETH:USD chart with 1 hour candles. The market has finally decided which way to go and bearish appears to be the answer. We came tantalizingly close to having a double cross of the 10MA and 25MA but it never materialized.
Price has seen 5 consecutive days of losses and very poor volume. Next support level is around $550 and then a possible fall to the $496-$526 range.
This market is seriously lacking buyers. Upward price moves have been on low volume and whipsaws are constant. Everyone is waiting for a signal and my suspicion is that the greenlight will come in the form of clear regulation. Till then we may be range bound or see a slow, market wide deflation.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
This is the ETH:USD chart with 1 hour candles. The market has finally decided which way to go and bearish appears to be the answer. We came tantalizingly close to having a double cross of the 10MA and 25MA but it never materialized.
Price has seen 5 consecutive days of losses and very poor volume. Next support level is around $550 and then a possible fall to the $496-$526 range.
This market is seriously lacking buyers. Upward price moves have been on low volume and whipsaws are constant. Everyone is waiting for a signal and my suspicion is that the greenlight will come in the form of clear regulation. Till then we may be range bound or see a slow, market wide deflation.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***