MX Market Update [Sep 09, 2018]
Its a strange sentiment in cryptoland right now.
There has been a blood bath in the streets, interspersed with brief sharp rallies duly followed by equally sharp sell offs. There was a rally of shorts followed by a curious tale of Goldman Sachs’ CFO denouncing ‘fake news’ that the firm was deprioritising setting up a trading desk.
The market is on an edge. Every bit of news scanned for intent & subtle nuances. The slightest hint of a noise sends a shover up the spine. Retail investors look at BTC dominance, ETH fall from Mid 500$ to Sub 200$ today and could easily come to a conclusion that they should throw in the towel & retreat to BTC. However, the fact that the winter bull run could start anytime keeps them in play.
There were calls that ETH may go down to 98$! Imagine the plight of an ETH HODLer. Do they remain invested? or is it time to retreat temporarily?
A look at the recent past
The Trend Angle when the US$ 400 level was deeply tested was aproximately 61 Deg. This was a stretch of just 9 days from 06th August 2018 that saw a loss of almost 31% in value
The current trend started on 05th August at US$ 230. Should we draw a parallel between the events of August 06th-14th, we can expect ETH to retrace to US$ 160.
Expect market sentiment to be weak until then. A horizontal support zone is seen at US$ 150-160 levels.
A look back into 2017
A look back into history at the pre-December rally reveals a rebounce in July 2017 at US$ 157.
That was a real strong floor that stopped a 42% drop in ETH price from around US$ 276 (26 June 2017).
That floor laid the base for a pull back that fed into the mega rally of winter 2017. Will something similar happen here?
A mega rally after we see US$ 150 levels? Is there a silver lining in this dark storm cloud? We think it is a likely occurence.
Where do YOU think price is headed? Leave a comment with a chart and let’s share our thoughts!
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