CRYPTO's Back In Freefall -- Ethereum Breaks $500 Support -- Bitcoin Touches Trend Support On Way To $5,873

We were all hoping for a different result today, but we have the bears coming in strong after demonstrating follow through from the breakout after two weeks of sideways trading.

Prices plunge even further today, testing and breaking lower supports. Ethereum has just broken the $500 support level with significant volume. We should expect to see tests of $460 and $421.

The 4-hr chart for ETH is showing a lower price low but so far a higher low on RSI. This is a good sign that a bottom potentially will be coming since prices are stronger despite the price low.

Bitcoin is having a tough day as well. We just saw a touch of the trend support. It is desperately trying to hold this level at $6,450 and not make a new lower low (combined with the lower high).

Once $6,450 breaks (and I'm 90% sure it will), we will see a drive down to test the BTC low at $5,873. This is going to be huge. We will probably see a small bounce at this level since we are drastically approaching oversold conditions on the longer charts. Additionally, we haven't seen a strong bounce to test resistances of the EMA's.

Technical indicators for all cryptos on all charts are still heading down and favoring bear movement.