I looked over the past and not only with btc clearly losing momentum I could see that eth has as well.
First this is a giant m pattern or double top which isn't good
Secondly momentum for both macd and rsi were lower for this second all time high attempt were lower than the previous all time high attempt
Thirdly most likely regulation are coming not only with exchanges but with ico which will affect eth far greater than btc
I attached an hourly chart showing the rsi hourly uptrend is now broken
I actually shorted a while back which has lost me some profits but I knew not to get out until the bulls really showed up and at these levels I think there is far more downside potential than upside
First this is a giant m pattern or double top which isn't good
Secondly momentum for both macd and rsi were lower for this second all time high attempt were lower than the previous all time high attempt
Thirdly most likely regulation are coming not only with exchanges but with ico which will affect eth far greater than btc
I attached an hourly chart showing the rsi hourly uptrend is now broken
I actually shorted a while back which has lost me some profits but I knew not to get out until the bulls really showed up and at these levels I think there is far more downside potential than upside
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.