Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

GoldSeek Radio: Gerald Celente and Bill Murphy, and Chris Waltzek
By: radio.GoldSeek.com

The Economy is Cracking Up. Are You?
By: David Haggith

How to Dodge the Debt Train
By: John Mauldin

THE INDIAN INVESTOR: The Major Wild Card In The Silver Market
By: Steve St. Angelo

Gold And Silver Futures Action Turning Positive
By: John Rubino

You Buy the Fear in Gold
By: Gary Tanashian

Gold Gets Clobbered Again
By: David Morgan

Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Almost 1% and 2% on the Week
By: Chris Mullen, Gold Seeker Report

COT Gold, Silver and US Dollar Index Report - July 20, 2018
By: GoldSeek.com

The Deep State, Trump, and the World
By: Clive Maund

 
Search

GoldSeek Web

 
Back to Resistance for Bitcoin and Ethereum


 -- Published: Thursday, 5 July 2018 | Print  | Disqus 

By Ryan Wilday

In last weeks article, my charts showed that I expected a corrective rally into the zones we are now pushing against. As always, I marked key resistance with a box and price has entered those areas.  These zones are $6724-$7045 in bitcoin (BTC-USD) and $461-$489 in ethereum (ETH-USD).

Because I dont view the downside trend as complete, nor do we have price through resistance in, my primary remains that that well see further downside. But any thesis regarding market direction must be held loosely. Instead this is an opportunity for me to observe how the market reacts.

By the time this article hits the press, we should know whether a larger trend change is upon us.

The first warning well get is a push over resistance. If that push is very strong, then we know. But sometimes markets push ever so slightly over resistance, then instead of reacting downward, they pull back correctively and push through strong on the second try.

http://www.goldseek.com/news/2018/7-5rw/1.png

Click to Enlarge

http://www.goldseek.com/news/2018/7-5rw/2.png

Click to Enlarge

In either of these situations I will avoid the short side of the trade for the time being.

We can also watch support below us for sign of a decline.

For bitcoin, a break of $6123 and more so $5990 will have me increase the short side of the trade. In ethereum, a break of $436 with follower through below $425 is indication that the slide has renewed.

To remind you regarding what I said last week, breaking these levels above us do not necessarily confirm the correction that started in January has ended. We could see a high c of a high B wave rally that ultimately ends lower. But it could be a very tradeable rally regardless.

Yet even if that B wave rally commences, it can turn into something larger, so well move support up if it commences to see whether we should stay in the long trade longer.

In short, we have hit another key moment in the crypto market that Im watching closely.

Ive been primary short in my short-term accounts since May 28 and that has proved profitable. Yet, weve seen bearish sentiment intensify. The chart I shared last week showing how short interest has climbed has continued to run higher into this week.

And, with the market again pushing up against resistance, I have to hold loosely to the bearish case.

Ryan Wilday is a cryptocurrency analyst at ElliottWaveTrader, where he hosts the Cryptocurrency Trading premium subscription service.

 


| Digg This Article
 -- Published: Thursday, 5 July 2018 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2018



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.