Bitcoin / Ethereum Price Action. Some Key Levels
After reaching many consecutive highs bitcoin seems to be seeking price stability. As we can see in the below chart the bulls were unable to retest the $2800 level and price rapidly and is currently looking for demand.
Bulls will likely re-engage around $2,000-$2,200 where previously we can see there was significant long interest. Price will likely bounce here, but the bears will attempt to push price to the $1,700-$1,900 level.
Ethereum reached a speculative high of $411. As we can see from the chat below bulls attempted to retest the highs, but supply was too high and price has been declining since, looking for demand.
Price is currently testing the $240-$260 range and looks likely to push lower to the $185-$215. Expect to see huge demand should price reach the $190s.
I agree that ETH is likely to hit the 220's and possibly lower.
As far as Bitcoin, I've been following it for a while (since 2011), so I'd say right now we have a decent probability of finding a bottom before the $2,200 area.
Some of my stuff now on the intraday (4-Hour Chart) looks like we could round out the lows here and start to stabilize in the next 24 hours.
with the amount of demand weve seen in bitcoin this year, i would be surprised if as you say things dont stabilize in the next days as investors take advantage of the correction so many desired.
As far as ETH goes, im wondering if the wallet issues along with the 96,000 eth sold on Gdax this weekend is not an someone associated with the ETH team acting on insider information
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