Those key levels were $7075 and $505, the May 28 lows.
And, while it did bring bitcoin down hard, we’ve seen very little decline in ethereum. I had suggested in previous writings and on my Korelin Report discussions that we’ve seen some fledgling signs of decoupling in some alt coins from bitcoin movements since April. This is further evidence.
Not only did bitcoin break $7075 but plummeted a further 18% to $5770, while ethereum dropped only 14%. While this may seem like splitting hairs, this with the relative outperformance in ethereum since April is significant in my world. Ethereum is a higher beta asset than bitcoin. This means it normally moves farther in both directions. But not this time.
Also, when measured by Fibonacci extensions, it can still be said that ethereum may be holding on to a bullish, albeit tested setup. No chance in bitcoin. It is has already broken April and February lows. (more…)