Recent bearish crypto market might seem to be lucrative for the crypto buyers, as the prices are on the edges. Yet, it might not have been the right time to purchase crypto. Unless, we have something solid, crypto trading is too risky. Whenever, we are looking at the charts, we see that something is missing and a negative picture is all around.
What is missing?
If trade is the soul of a currency, that soul is missing in crypto.
Bitcoin daily price chart since November, 2017
In the past few months Bitcoin have made several attempts to break above 6,800 (breaking above the support zone), yet every time it failed.
Ethereum- 6-Month Price Chart
While we are looking at Ethereum, we have observed a little bit of hype about couple of months ago and you can find out the red zone where the prices were up. However, since then, we have received nothing. Basically, Ethereum keeps falling. As the daily chart shows, there has been no chance of any kind of price equilibrium or any sort of base building at all. Recently it has observed its all time low, 167, and currently it is being traded at 224. Yet, at least, it ought to break above 300 zone to prepare the foundation of a solid base.
To the bottom line
Next week, during the FOMC meeting schedule, a volatility in the price is expected and there is a good chance of Bitcoin to reach 6,800 zone and the Ethereum to break above 300. In accession, Chinese PM also told yesterday that they would not tolerate any kind of rate consolidation to mitigate the export tariff, that Trump government and their trade war brought forth.
Read more about Asian Stocks here.
Disclaimer: The content of this article is personal opinion and should not be considered as investment advice or suggestion towards any trading activity.