Hello fellow Steemians !
Firstly I want to say that I haven't been posting lately as I was very busy with a side project of mine and I literally didn't use my lap top for 3 days straight. Of course that means that I haven't looked at the charts lately, sure I know that we have made some solid green bars but still we are reaching interesting levels which will show us if this rally will be the "one" we are all waiting for over 3 months now.
Today I took a look at ETH/USD and saw that the bulls were rejected at the 200-day. Obviously the crypto to watch at the moment is Bitcoin (as in the last 4 months) but BTC is still over 1000$ below it's 200-day SMA. It is interesting how will ETH behave once BTC starts to move, maybe the correlation will be weaker.
If you take a look at the chart you can see that the 200-day SMA ( the green line) is at 627$ and todays high is 626$. ETH is above the short-term moving averages and the volume is good. I think it is a reasonable possibility for a further pullback from this key level, this will give the bulls time to strenghten their position and I think this is the best scenario.
What's Next
- The first big resistance is the 200-day (627$)
- First big support should be the 50-day (545$)
- Obviously the price of BTC should be watched closely as it dictates the market moves
What's your opinion for the general crypto market ? Let us know in the comments :)
