CRYPTO Selloff Looking To Find Short Term Bottom

BTC

ETH

Cryptos seem to be dumping recently. Ethereum looks to have tested a double bottom and found solid support at $1,230. Bitcoin is rallying as well but still needing more upside.

Bitcoin was in a shorter term up trend supported by the above trend line which broke and prices are now sliding to the down side. This movement is now forming a new lower low for BTC as it seems a longer pullback is likely to be in store.

Ethereum has also settled and seeing some momentum up north. Longer upper wicks on the bounce candles are indicating that the bear volume may not be done yet.

The order book for Ethereum is showing large buy orders placed around the $1,230, $1,225, and $1,218 levels. Should we not have found our longer bottom, I'd be surprised if these levels break due to the orders and oversold levels seen currently.

Most of the BTC buy orders are found around the $13,000 level, so I'd expect this to hold should the current bottom break.

At any rate, this is still signaling that a longer term pullback and down trend is expected. I still have a target of ETH testing the $875 support at some point.

Happy trading!!