Crypto Market Update | What Do the Charts Tell Us?
Bitcoin
SUMMARY
Price is being pinched between the 200 day moving average and the most recent down trend that started at the beginning of the year. Last time price closed below the 200 day moving average was in the summer of 2015. RSI is almost giving an oversold signal. Need to break the down trend line before we can become slightly bullish.
Ethereum
SUMMARY
Price has fallen from all time highs and recently closed below the 50 day moving average. However, we are seeing some support at the S1 pivot level and the ichimoku cloud. We also saw a very large spike in volume when the price dipped all the way down towards $700. It recovered nicely back up to the $950 level.
Will Ethereum overtake Bitcoin as #1? What're your thoughts, opinions, or ideas?
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The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.
Looking forward for the bounce up, hopefully the RSI is close enough to oversold level.