BTC and ETH rebound, but still in downtrend
I think everyone should be very careful with the current move upwards in ETH and BTC. Both currencies are bouncing but are still in a downtrend. To me a BTC level vs USD 2.400 signals a first positive signal, but i would become really positive if we break the USD 2.630 resistance zone.
Also todays move in Ethereum is still in the downtrend, i would treat this move with caution until we're breaking above USD 220.
Tight stops recommended on both pairs.
Thoughts?
We are not to relax yet. The prices are so unpredictable. I would wait till Aug1.
I think we have bottomed out and agree with your caution through the zones youve mentioned (for the week) but I think, especially since it seems BTC will successfully clear the SegWit hurdle and that the ICO hangover has cleared for ETH, both will be long term way up.
call for EoY
BTC - 4K
ETH - 500
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Thanks for your comment, i agree on your long term scenario. But i think we will make another leg down first before we're moving up further.
Based on.......
The fact that both pairs still trade in their respective downtrends and that i first want to see the resistance levels taken out before I believe we have a more sustainable recovery.