Crypto carnage continues. OK, maybe we are a bit too harsh with this statement but yes, we do have some problems here. On many coins, mayor supports are just a history, on others they are being tested as we speak. Obviously you should not be surprised if we say that it is in line with our expectations. Today we will again deal with our previous forecasts and you will see, why is it worth to visit our portal more often.
Our first crypto for today is the Ethereum, which the last time was on our radar on the Friday, 23rd of March. Back in that day, we wrote:
„The current situation promotes the further drop and most probably – another test of the 500 USD support(green). This time, it can be much harder for the buyers to defend this area. Test of the 390 USD (black) seems more and more likely „
We stated that, when ETH was trading around the 522 USD. Now we are below the support on the 500 USD and we are trading around the 450 USD. Our view stays the same, the test of the 390 USD seems imminent. We can just imagine the pain of those traders who bought on top and did not use stop loss orders. This is why, it always important to have this kind of order in your trading strategy. A good lesson for future. Negative scenario will be denied once the price will come back above the 500 USD but that is less probable.
Second one is the EOS, which we analysed on the 20th of March:
„The next target for the EOS is the 7 USD. Chances that we will get there are relatively high. Candle from today is so far bearish but does not deny the yesterday’s movement. I think that it is not the last time that we hear about the 4.8 USD here. This support may be crucial again soon. „
That was a good one. Our view was bullish, so a test of the 7USD and then, a comeback towards the 4,8USD. Mentioned resistance was indeed tested few days after that and was too strong for the buyers. The outcome was that after few days, the price reversed and aimed the 4,8 USD again. Currently, we have a bearish momentum and we are very close to this area. Our outlook is negative and we will update you with our view on this altcoin after the contact with the 4,8 USD support, which for now is almost certain.
The last one will be the NEO, where we currently see a similar movement to the EOS so a broken support was tested as a resistance and that movement finished with a bearish victory. We warned about that on the report from the 19th of March:
„As long as we stay below the 81 USD (green), which is a strong resistance, the sentiment stays negative and the chances that we will test the 43 USD are much higher. „
Here we also do not change our view and the NEO traders should soon see a 43 USD price on their screens. Future sentiment depends from the price action on that level.