Will ETHUSD lead the bounce back?
Bitcoin appears to have reached the end of its crazy run (I could be wrong again), and the sell-off has implicated all other coins.
Previously, I mentioned that ETH could be heading for a reversal. I didn't mean it would go to $200, but more like around $430 for consolidation. I was wrong before, and the drop was for a different reason.
Nonetheless, there has been this drop, and a lot of sell pressure has been relieved. While in the mid-term I expect BTC to continue dropping, ETH could lead the bounce back (another candidate would be BCH as Ripple is too weak and others have marketcap too small).
I see a couple of possible scenarios: either ETH continues to follow BTC's drop for another day and release more sell pressure and then bounce at the long-term trendline ($360 would be a good entry), or it starts slowly from here on out. We have a possible bullish bat.
There has been so much price manipulation with these exchanges, and with these scenarios I assume there's no manipulation. Otherwise, it could be $1 or $1000 tomorrow.
Previously, I mentioned that ETH could be heading for a reversal. I didn't mean it would go to $200, but more like around $430 for consolidation. I was wrong before, and the drop was for a different reason.
Nonetheless, there has been this drop, and a lot of sell pressure has been relieved. While in the mid-term I expect BTC to continue dropping, ETH could lead the bounce back (another candidate would be BCH as Ripple is too weak and others have marketcap too small).
I see a couple of possible scenarios: either ETH continues to follow BTC's drop for another day and release more sell pressure and then bounce at the long-term trendline ($360 would be a good entry), or it starts slowly from here on out. We have a possible bullish bat.
There has been so much price manipulation with these exchanges, and with these scenarios I assume there's no manipulation. Otherwise, it could be $1 or $1000 tomorrow.
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