The price of the second largest cryptocurrency can't raise its head to catch up with
elder brother Bitcoin.
I detected three signs that the bear trend could resume soon.
1) price broke below 52-week (past 1 year) moving average and during retest it failed to break back above it;
2) RSI is below 50, bearish, also retested the resistance and failed either
3) clear consolidation on the price chart, which implies the resumption of primary downtrend
The price could retest the bottom of the first leg at $882.
The ultimate target is to complete the full cycle and touch the very bottom of $78, which, indeed, sounds apocalyptical.
elder brother Bitcoin.
I detected three signs that the bear trend could resume soon.
1) price broke below 52-week (past 1 year) moving average and during retest it failed to break back above it;
2) RSI is below 50, bearish, also retested the resistance and failed either
3) clear consolidation on the price chart, which implies the resumption of primary downtrend
The price could retest the bottom of the first leg at $882.
The ultimate target is to complete the full cycle and touch the very bottom of $78, which, indeed, sounds apocalyptical.
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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.