Ethereum (ETHUSD) sold off sharply yesterday and continues sliding in today"s Asia morning, arguably breaking below ascending wedge support (on the weekly/daily chart). ETHUSD is now just a day"s volatility away from the psychologically key 300 whole figure level. A ETHUSD break below 300 in the next day or so would likely confirm the first red weekly candle in 5 weeks. Bears will be patiently awaiting any deeper slide in the next few weeks to below the September low, which would signal the start of a downtrend of lower lows. The October high so far is lower than the August high, which was also lower than the June high. Weekly RSI, Stochastics and MACD are showing signs of fatigue, and are increasingly weighed down by the already weak daily equivalents.
Bitcoin (BTCUSD) has defied bears so far, and remains in a strong uptrend. Nevertheless, BTCUSD appears to have made a short-term top just below 6000 as leading Alt Coin Ethereum (ETHUSD) increasingly weakens. The tiring daily RSI and Stochastics, and soon to negatively cross daily MACD do not bode well for BTCUSD bulls today. Nevertheless, upchannel support (on the daily and weekly chart) coincides with the psychologically key 5000 whole figure level and should contain the pullback these next few days assuming the weekly MACD blue line has not flattened and turned lower by then.
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