25 July, 2018
In this post we examine and analyze the state of cryptoasset markets.
After touching the top of the daily cloud and pushing the upper boundary of the bollinger bands, BTC is seeing a healthy pullback after breaking diagonal resistance. Area's to focus on for support are $7800 and $7400. A continuation to the upside is likely as we get closer to the ETF decision in August.
Ethereum is seeing a bullish divergence in RSI and creating a higher low on the daily chart. I am eyeing three near term resistance areas. The Kijun resistance at $517, bottom of the Cloud at $540 and top of the Cloud at $600.
Ethereum's RSI on the daily chart is currently extremely oversold relative to BTC. Price is also well below the cloud but entering a bullish orderblock in the .055 area. This is a good area to start looking for longs. However, if price breaks below .053, it would be wise to cut long exposure and instead look to open up shorts. A break of this area brings in the possibility of .045 and lower.