Let's go straight to the chart ---->
As you can see the entire crypto market is falling down due to recent news about various exchanges being hacked and Mt.Gox bitcoin trustee selling $400 mln worth of his Bitcoins . This had a tremendous impact on the market but I am convinced that the downfall is limited. First of all, ETHUSD is currently testing its local $650 and as you can see the 23.6% local fibonacci retrace is very close to this level. At the moment the price is above of this local 23.6 line which suggests ETH has failed to break the line and continue its plunge down to $564 (next ). Though, it is hard to say if the pair has finally reversed and has opened the road back to $775 because Down still prevails and got stuck in the oversold area hesitating to go upwards. We need more time!
Please REMEMBER that I give you my observations, you form your own opinion and trade it accordingly!
Please NEVER forget to do your own research before considering any investment. is also crucial so you have to read the news, updates and about the upcoming events related to a particular blockchain project.
Hope you will find my analysis useful! Stay safe ----> Hedge ----> Diversify ----> Be cautious! - Together we will beat the market!