Hi traders, we might be on the verge of a washout.

Here's why.

Bitcoin.

• The price is testing support (yellow circle) on very low volume (pink circle) and it looks like we're breaking down:

• If we were to produce a new low I would expect Bitcoin to find support at these areas:

• To make things worse, the "death cross" is looming upon us and although I don't think it has any technical significance I do believe it could have enormous psychological impact on the market if we were to start crossing under and could very much amplify any move to the down side:

Ethereum.

• Ethereum is in free-fall but I expect the price to find some resistance at $400 where its last breakout move started back in November 2017;

• Apart from that, I am not willing to touch this market: it's highly correlated to Bitcoin, fundamentally weak because of all this backlash against ICOs and has plenty of bagholding ICO whales who could dump their Ether on the market on a whim, my strategy is to place very low orders and pray for a flashcrash.

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