Bitcoin
BTC and Ethereum ETH suffered a mini-crash on Wednesday when Bitcoin fell through a key support level at $44,850, which caused Ethereum to lose $3,600 as support.
On Thursday, both apex cryptocurrencies were working to print reversal candlesticks on their daily charts, which indicates at least a relief bounce may be in the cards through Friday and into the weekend.
Whether Bitcoin and Ethereum are able to make a trend change to the upside will take some time to play out, but aggressive bullish traders may be set for a short-term trade.
It should be noted that events affecting the direction of the general markets can quickly invalidate patterns, especially in the historically volatile crypto sector. As the saying goes, "the trend is your friend until it isn't," and any trader position should have a clear stop set in place and manage their risk versus reward. Turmoil in the cryptocurrency sector over the past few months can at least partially be linked to governmental policies, as leaders are burdened with finding ways to regulate mining and trading of a currency designed to not have a centralized authority.
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