All in all, prices are consolidating above the short-term crucial horizontal support around the 242.65 level. That is why we leave our short-term rating at ‘Neutral’. However, our 60 minute Point&Figure chart is clearly showing that the risks are on the downside with new short-term bearish targets.
That said, we should be prepared for a resumption of the downtrend, confirmed by an hourly close below the horizontal support around 242.65 and making a new low below 242.63.
Bloomberg started the Bloomberg Crypto Index since May this year. This Index provides a good overall sentiment of the Crypto currency market. We will use the hourly chart until further notice as the price history is limited since the start in May.
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