OK, market seems still at stagnation. So I want to adjust the perspective posted a few hours ago from going down to going sideways. This goes same for Litecoin and Bitcoin.
Similar to ETHUSD, the anticipated tankage is finally here. If the next few hours keeps going down, the rebound from the 18th could be over and will be retesting 138 level.
The anticipated drop is finally happening. I pointed this out yesterday. This is bad news for the bulls because now the rebound from March 18th could be over. If the next few hours the market keeps tanking, then it might go all the back to 450 level.
The Bitcoin is no where near a resistance level. However given the situations of the other two major coins, it will be odd if the other 2 goes down while Bitcoin goes up.
The Ethereum seems to wanting to go down along with the other currencies. The market is really slow right now and we need to see some volalility. My guess will be it will tank sharply first (briefly), then go up sharply. Only then will Ethereum reach higher resistance levels.
This is another update of BTCUSD on the hourly chart. It seems to have trouble at the gray resistance line. So it might tank first then slowly climb to the crossing area of the orange resistance line and the downward trend line. Then it might again tank and retest the 78.6% level on the daily chart.
Similar to BTC/USD, ETHUSD is also near major support level. The bar with the long down wick reached exactly at 127% extension, showing that it is unlikely to reach the major level shown on the chart, at least not in the near future. What is more likely to happen is to at least reach the sloped trendline. If this line is broken, then the downtrend may be over...
Current down trend seems to be slowing down. As shown in the chart, price bounced up exactly at 78.6% level. So now it seems that the price is unlikely to reach 6000 level. The low at 78.6% might be the bottom of current down move.
After several years of crazy run, the fever finally seems to be cooling. I am thinking that even if the crypto market picks up again it should be going flat for a least a couple of years. Anyway, right now it is approaching the strong support level of around 6000 again. If this level does NOT hold, then it might tank much further.
