Hello and welcome to News BTC’s Market Outlook June 16.
Ethereum continues to sell off, as the Wednesday session was just as bad as the Tuesday session. We tested the $280 level, but quite frankly I think we go farther to the downside from here. This chart has been parabolic for some time, and because of that the selling becomes vicious. I would need to see some type of stability on the daily chart to begin to think about buying, and believe that we could be looking at a move down to the $250 level next.
Ethereum also fell against Bitcoin, testing the 0.13 level. If we can break down below there, the next support level will be found at the 0.12 level, followed by the 0.11 level. Ultimately, this market is in an uptrend, but crypto currencies are currently being melted down in the marketplace, so I would expect more volatility, and quite frankly bearish pressure overall for the next few sessions.
Thanks for watching, see you again on Monday.