CRYPTOS Might Consolidate A Week Before Rally
Here's the fact -- we're due for a rally! Another fact -- last time we were due for a rally like now (end of March/early April), it took a week of consolidation and establishing support before bulls came in with strength to push prices up. Ethereum was heavily oversold on the daily, for example, and saw more than a 150% rally having prices peak at $820.
Right now, I'm not worried about there being a delay or even possibly another leg down. We will be seeing a bounce here before too long, and for Ethereum for example, we should be looking at a minimum 20% rally to $360.
The $280 is significant right now for ETH. We have seen this level hold support on the 1-hr and higher charts. A close below this level would be a bad sign, but I don't think there's enough bear pressure in the immediate to see a break of this level right now.
Overall, we are still looking at upside. Whether or not it takes a little bit more time is the question, but it's a lot more likely since we haven't seen the bounce and movement with follow through like on other crash/bounces.
Thanks for todays update , good info
thanks!
Hopefully, the crypto prices will move upward soon and will give us a good reward.
I'm confident they will bounce. I don't think it's the end of the bear market, but we will get an oversold bounce and move to the upside. Last time we saw over 100% for ETH and 50% for BTC. ( STEEM was 300%!)