quantmaven

Morning Update: Downtrend has resumed overnight

BITSTAMP:ETHUSD   Ethereum
As discussed in my previous pieces, 2500 was a key resistance that Ethereum had to climb over to end the downtrend. However, it was never challenged. The support of 2100 was critical and it got breached while we were sleeping in North America. This confirms the bearish scenario I predicted. Now since this is the last wave of this whole bear move from 4400 to now, there are two possibilities: A) a huge panic / capitulation move with high amplitude and short duration, B) some form of ending diagonal / wedge. I have no clue which will play out so let's watch. But for now this market is extremely dangerous.
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