We've been sitting basically sideways for the last week. Right now we're looking at a consolidation wedge with Ethereum. Bitcoin is looking similar (chart below), except that there's not really a wedge, it's just more of an up trend support line that's still sideways compared to previous trading.
Ethereum's volumes have seemed to be shrinking as well. There's not been too much interest in the markets now. Unfortunately we were wanting some initial follow through, but hopefully this consolidation wedge will break bullish.
Technical analysis favors consolidation and then we will likely see another rally and a push to $360.
EMA resistance is at $316.
Bitcoin seems to be stuck at the $6,636 level. My guess is a LOT of buy stops and short covers are set for this level. So, if we see a break, we will likely see a huge spike in volume and prices shoot up and rally. I think this will be likely if prices get anywhere close to this level -- bulls will likely seize the opportunity and eat up the wall.
We're currently sitting at the 12 day EMA resistance for BTC, so we'd love to see upward momentum here.
All of the cryptos have been so crazy oversold and we'd love to see BTC rally to push everything up. Hopefully we get the break soon!
