Last year, many people made bets that Crypto Currencies would be the “next big thing”. Bitcoin, Ethereum, Litecoin were a few of the larger names…
It lasted for about 3 to 6 months.
Most digital currencies have fallen 70%, 80%, 95% from their highs this year.
Ethereum’s (ETHUSD) high this year was at the Yearly R2 resistance Pivot Point at $1400.
Ethereum is now testing the Yearly S1 support Pivot Point at $210.
If Ethereum is going to bounce, the Ys1 support should be the spot. Use a stop < Ys1 ($209) on a weekly close.
To learn more about yearly pivot points, please check out my “Using multiple pivot points for trading opportunities” webinar.
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.