Collabrative Update of Bitcoin(BTC/USD) and Ethereum(ETH/USD) 27/06/2017: What Next After The Expected Dip????
Bitcoin AND Ethereum has taken a expected dip yesterday. In my last update on these two i.e.
https://steemit.com/ethereum/@jimmyrai28/bitcoin-btc-usd-update-25-06-2017-still-in-correction-mode
I was in view that they both can give down move which can be near to there recent low, well yesterday it happened and both have touched their recent lows. Now the question in everybody minds is, What next? Lets take help of charts to tell us about next moves in these two heavy weight Cryptocurrencies.
Bitcoin the leader
Now if i take your attention on the chart above, you can easily observe:-
- Bitcoin recent low was $2050 and yesterday day low was $2258. It made a low of $2050 on 15/06/2017 and took support oat $2082 which is near to its 50 Days EMA . Yesterday also it taken support from 50 Days EMA(red wavy line), so what I am saying is it has tested its major support two time but recovered on both occasion.
- You can also notice on chart above a horizontal line which is marked as SUPPORT LINE 2, falls at $2420 level, after breakdown it now becomes a resistance and close of yesterday was $2407 which was near to its resistance level.
- Today it has again breach this resistance level, and now it is trading at$2450 which is a positive sign as $2420 level has become a support now and if Bitcoin closes above this level today, then this level can act as launch pad for next leg up for bitcoin.
Now the famous Ethereum
As compare to Bitcoin, Ethererum is still looking weak. If a take your attention on chart above, you can notice as follows:-
- The low of yesterday was $206 which happened after the break of strong support of $263 marked as SUPPORT 2 in above chart and in this dip, Ethereum also broke a support of 50 Days EMA which is at $242 level, but recovered later at close. Now, $263 level has become resistance which was support previously.
- Today it is again seen testing this 50 Days EMA(Red Wavy Line) and is trading at $247 level currently. Break of this moving average will be considered as weak sign and close below this moving average gonna cement its weakness.
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In conclusion, I am in view that the weakness in Bitcoin is looking to get over and two closes above $2420 level will provide evidence for this view. On the other hand, Etherum is still looking weak as it is still trading around 50 days EMA and their is higher chance today that it will retest its yesterday low of $206 before the test of resistance level of $263.
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we should keep in mind possibilty of global market crash outside crypto causing run from fiat into crypto. Im am still very bullish long term. not so much for ether though. $BTC yes. resteemed, tweeted.
yes that even is right around the corner, can give big upsurge to it digital currencies space.
Their is problem of transaction running in eth, but when that get resolves moods gonna change.
beautiful :D
What do you think about the prediction made by Augur?
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Thanks a lot!!!!
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