ETNBTC Price Analysis – June 26
The pair is in a strong downward momentum after the breach of the reversal bottoming pattern formed during the previous session. Participants of the cryptos have taken advantage of the scenario to profit from the trend in the meantime.
Supply Level: 0.00000030, 0.00000034, 0.00000038
Demand Levels: 0.00000074, 0.00000057, 0.00000046
ETNBTC Long term Trend: Bearish
At the break of the supply zone on the level at 0.00000046, the downward momentum triggered the beneath stops and more inflows for the downside rushed in.
The pairs inability to hold on to last week earlier gains has given room for more bearish sentiment towards its technical supply zones and we may see the pair bottoming at the next supply zone on the level at 0.00000034. The trend is bearish in the long term until a breakout upside occurs for now.
ETNBTC Short term Trend: Bearish
On the downside and below the level at 0.00000046 the momentum for the break of next level supply zone is seen to be strong. The overall situation may not see a correction to the upside except a fundamental change comes into play.
The bearish bias as seen on the 4-hour chart is extended and it has shown an unusually strong downward momentum for in the short term trend.
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