Following the little stock market crash a few days ago where we saw indexes like DAX , SPX and FTSE all drop by a good 3-5%. Which all now seem to be rising in value.
We've seen that most Cyrpto markets have been on a big move.
Now the thing is, when Bitcoin drops in price. So do many other coins and tokens. Largely because BTC is exchanged to a lot of these coins. When the price drops, the investors interest is also lost.
Back to the chart we can see we've had what appears to be a strong movement with a lot of buy orders being placed.
Many people might suggest this is a reversal. However, as of the past hour I've picked up on divergence in and the exponential averages are levelling out.
If I was to make an educated analysis of the charts, I would say we are entering a consolidation or a channel. I believe the long term action is >>> BUY <<< but expect the price to remain very unpredictable, at best.
I base this prediction on the fact that overall ETH is based on better technology and transaction rates are superior to Bitcoin . They still remain correlated however.
Keep an eye on the moves!!!
Good luck people!