The whole markets are falling and have been naturally correcting for a while. Could we really be looking at a test of $353? It's absolutely possible!
The chart above is the weekly. For some reason, I've really been attracted to weekly charts lately. In short, I thin they are great representations of longer term trends. For example, when we saw ETH rally from $50 to $400 in June, the weekly was showing the crash to $130 was pretty clear. We had an RSI at 97! In addition, it was much like the BTC monthly graph looked like....which was flat, then VERTICAL!! Yea, those trends can never sustain as I was saying the whole way up.
$350 was the level we saw be a relevant level on this weekly chart and we didn't get closes above on anything until November. I think with nothing compelling new people to buy at this point, and the falling market sentiment, we can and will definitely see a test of this. I also Think BTC will go way lower than the $5,900 support.
Weekly volumes have been falling and prices are still going down. Imagine when more bear volume starts coming in? Look at the low bull volume when prices ran from $750 to $1,400...this is showing a clear lack of strength.
Overall, I'm still cash and waiting for prices to come down more and get some oversold bounce conditions going.