All in all, the overall picture remains weak with prices continuing the downtrend below the horizontal support in the hourly chart around 242.65. The short-term bearish targets at 238.06 and 229.29 proven correct. There is a new bearish target at 199.26, suggesting lower prices are still likely.
We downgrade our short-term rating to ‘Down’ from ‘Neutral’.
Please keep an eye on the daily chart as the momentum chart is not making new lows. A close above the resistance area at 245.00 indicates a short-term trend change.
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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