Ethereum and Bitcoin are still in Consolidation

Ethereum and Bitcoin failed to break higher, but have formed a new consolidation pattern.

The long term trend is still positive for both Ethereum and Bitcoin, but I would wait until they break out of their consolidation patterns before entering into a position. Yesterday they both broke lower from their patterns, so it is quite possible that they will break lower again today. It is always safer to buy just after the breakout than try to predict it.

If either Bitcoin or Ethereum break higher, they will send most other cryptocurrncies higher! However, If they break lower, the entire cryptospace will sell off. All we can do is wait and see which direction they will go. I personally am holding almost all cash at the moment. I will buy into Ethereum on a break out, and I will just wait with cash if it breaks down.

Thanks for reading!

Disclosure: I am long Steem