Hello and welcome to News BTC’s Market Outlook July 11.
Ethereum rolled over during the Monday session, reaching towards the $222 level. It now looks as if we may go looking for $200 underneath, which should be much more supportive due to the large, round, psychologically significant nature of that level. In the meantime, it’s probably best to step away.
Ethereum is testing the 0.09 level against Bitcoin, which should be supportive. However, we have not seen a bounce yet so it’s likely that the market may need to take the next day or so to stabilize. If we do breakdown below the 0.09 level, I think the market will then go looking for support near the 0.08 level after that. I’m not willing to sell, I just don’t think that it’s time to buy.
Thanks for watching, see you again tomorrow.