BEARS IN DA HOUSE!
60 Billions wiped out the market so far, 24 of them just TODAY!
September 1st saw the All Time High for the capitalization of the entire Cryptocurrencies Market. August ended with a rally and the selloff was just a matter of time (actually most a matter of ANY news that justify a correction).
That same day EXACTLY at midnight (UTC)
EXACTLY at midnight (UTC) BTC reached its TOP at 4970 (Bitfinex) and the sentiment of the market shifted right away.
China's ICO's ban just fitted perfectly to start the sell round this cycle. Super expected and there's people out there screaming a crash and spreading panic, lol.
Loses stopped at 3258 for BTC and at 222 for ETH (Bitfinex).
SPREAD between exchanges GONE
First sell round after the TOP of $407 for ETH (CEX.IO) which failed to get an ATH, ended with a spread up to 23 USD between CEX.IO and BITFINEX with COINBASE right in between.
(Coinbase red line, Bitfinex orange line)
Here's TODAY'S sell round.
Is it done yet?
Here's the daily chart for ETH.
Currently the MACD looks super bearish, with no signs of crossing and far from oversold area, so lower lows are expected.
The bigger picture doesn't look any good for ETH, after failing to get an All Time High (unlike BTC and most the ALTS)
ETH draw a textbook DOUBLE TOP, that's super bearish according to the time frame we're looking at. Not just that
Clear downtrend in the daily MACD.
What does that mean?
IMO i'm waiting for the very bottom to start even thinking of buying ETH again, my first order is currently around $88
Why? Because of what i showed you earlier, the picture is anything but promising for now, if we get below July's low, ETH could really crash.
I've said it before and i'm saying it now again, the path is drawn, cards well played and EOS could really be the "Ethereum Killer". Time will tell i guess, but i'm stacking up some EOS because it's ON SALE!
DISCLAIMER: This is not financial advice
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