Ethereum
The cryptos dumped all together this morning, showing the correlation is still relevant and something to be considered. Ethereum has been having a little bit more trouble recovering compared to Bitcoin and Litecoin. After touching a low of $1,117 and bouncing off support, ETH seems to be struggling between the $1,200 and $1,210 range. This seems like a clear consolidation channel, but it's good that the $1,200 level was broken.
The one considering thing for ETH so far though is that we're forming a lower high compared to before the dump. High for the bounce on the way down was $1,224. Prices are looking to hit above this level to reverse the bearish trend.
Bitcoin
Litecoin
Litecoin is actually doing the best out of all the coin recoveries. This is in part due to the fact the initial rally wasn't as strong.
Bitcoin has also shown up trend recovery on the 15-minute chart. I'm sure we'll see movement up to test the $15k psychological resistance which actually hasn't been that significant of a resistance/support level.
Markets are fairly back to normal and seem to be showing signs of a bit of stabilization. I'm actually predicting a period of consolidation from all of this crazy movements.
Ethereum might come down and test moving average support which is still bullish.
We're getting higher lows, but still can't break that $1,215 resistance. I'm still targeting upper $1,200's to the $1,300 level for an ATH before a longer pullback which I'm still looking at the $875 support.
Thanks for tuning in! Happy trading!