ETH struggling to break loose from BTC!
Well as many of you I had hoped that ETH would be able to do as it has done in the past and not stay so strongly tied to BTC but it doesnt look that has happened. With BTC dropping below $8000 it has taken everything backdown with it. I am not completely surprised though becasue ETH had formed a bear flag right at the trendline and currently it is on target for that flag to play out. If I am right, the bear flag puts us at the .786 retracement which coincides with previous support from before the bull market really got underway. That puts $645 as the last significant support ETH has at this point. The lack of volume at this point is what seems to be keeping ETH tied so strongly to BTC. To find any type of encouraging bounce off $645 the bulls are going to have to come in a stampede and drive us back above .618 retracement for us to have any chance at turning this around sooner than later. RSI is showing in oversold territory but the MACD cross is still aways away and showing the bears are still in full control of this run. One more concern is the fact the BTC has fallen below its .786 retracement and the bulls don't seem to be putting up much of a fight just yet either.
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