ETH/USD Update - The Fate of AltcoinssteemCreated with Sketch.

in #steempress • 6 years ago (edited)

Weekly



Here on the weekly, we can see a close approach to support yet again. Previous historical support at $404 (drawn by Fibonacci Levels) was lost which caused numerous stop losses to be triggered and a large sell-off to occur. This was due to this price level being considered a full-retracement from the end of the previous leg up back in the summer of last year.

The 0.618 fib level is usually a crucial level to watch when dealing with Fibonacci. Should we lose this, look to the historical and psychological level of $200 USD for support.

Most of, if not all altcoins generally look to the health of Ethereum when looking for bullish moves. Finding a solid bottom here is critical to the health of altcoins (at least ERC-20 tokens).

RSI is approaching historical lows for ETH, which could be a signal for a reversal soon.

Should be continue up, we need to knock at the historical resistance at $404 USD which caused issues last summer.


 

 

 

Posted from my blog with SteemPress : http://coinsholar.vornix.blog/2018/08/27/eth-usd-the-fate-of-altcoins/

#steem #crypto #analysis
6 years ago in #steempress by
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