ETH/USD analysis, ongoing correction

Asia woke up today to a sea of reds. Almost all cryptos registered double digits price drops. The highlight was Bitconnect announcement to close their business led BCC/USD to drop more than 80 percent in 24 hours. We again would like to remind ourself and crypto investors not to be sucked in the lambo-get-rich-quick schemes riding on top of crypto popularity. For today we are monitoring ST buying opportunities for ETH/USD

Hammer candle pattern formed with high volume indicating possible reversal. The Hammer is a single candle with a long lower shadows and a small body. The longer the shadow the more important is the pattern in addition to its location. Have a look at the chart below and do your own research as always.

 

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