The Crypto Crisis: Trend Turn or Buying?

In the course of the current price developments, the question arises how this is to be understood. Is it a trend reversal that marks the end of the bull market, or just a necessary recovery? Today's afternoon was marked by a dramatic bloodletting with different currencies:

The exchanges are running accordingly, Kraken, Coinbase and Anycoin Direct are reported to be experiencing difficulties. This is always when many people buy or want to sell normal, but heats up the situation even more.

How is the current situation to be assessed? Of course, no one has a glass ball - I can not see any in the future. However, one can ask whether a statement like the "that is the end" is premature or not.

A look at the charts can help here. Bitcoin and Ethereum are considered here.

Let's look first at Bitcoin:

Without a doubt, the downfall was racy and incredibly steep. However, I would like to point out that the trend since May has been sustained and is currently only testing the 76, 4% -Fib retracement level (with regard to the beginning of the trend since May). In this respect I would be still optimistic and would start from a course correction. Ethereum looks much more comfortable. Here is only shown at the beginning of June. Again, the 76, 4% -Fib retracement level is tested with respect to the stock market value of June 9th.

Let's observe how the courses behave at the support defined by the Fib Retracement and the Uptrends. If the trend is maintained or the price remains at least above the 61, 8% -fib retracement level, the trend will be less of a trend turnaround but a consolidation.

In the respect of: Ruhigblut, HODL and with a view forward further.

BTC ECHO