Bitcoin (BTC/USD) broke below the 50% Fibonacci support level which is making a bullish impulise less likely but price is still at a key bounce or break spot at $6800. ETH/USD broke the bear flag chart pattern and seems to be ready for a new lower low.
Bitcoin (BTC/USD) is ready to confirm a downtrend if price manages to break below the $6800 support level. An uptrend continuation is not that likely anymore unless price manages to break above the $7500 resistance zone.
Ethereum (ETH/USD) downtrend is ready to retest the previous bottom if price indeed unfolds via a bear flag chart pattern. The price pattern could confirm a wave 3-4-5 development as long as price stays belwo the 50% Fib.
Check out the video for the full analysis and trade plans on 5-6 August 2018:
Good trading,
Chris Svorcik
Elite CurrenSea
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