It has been a while since I last posted, but I thought I would tell y'all about the current set ups in Ethereum and Bitcoin!
Ethereum has been trending sideways for the past couple weeks. Every single rally has failed to break the resistance line. There is sign of hope though! Although Ethereum has yet to make a higher high, it has officially made a higher low :) The formation of a higher low is a good sign that the bulls are gaining strength!
Ethereum has strong support at $640 and resistance just overhead at about $710. A few large buyers could force a breakout in Ethereum! :) Look for a quick move to $800 on a breakout higher!
Bitcoin has been slowly trending lower for the past 2 weeks. Although Bitcoin has not performed very well, the selling pressure has slowed over the last couple of days.
Bitcoin just recently bounced off of major support at $8,000 and is testing its resistance level as I type! If Bitcoin can form a true bottom and breakout, it could go rapidly back above $9,000!
Both Bitcoin and Ethereum could represent very nice trade opportunities if they can manage to break through their respective resistance levels! :) It looks like the weeks of pull backs may be over soon.
Thanks for Reading! :)
Disclosure: I am long Ethereum and Steem
