50 Dave Moving Average is the breaking point.
The chart clearly indicates that bears have been controlling price action. This is clearly indicated by the resistance the 50d MA is having on sentiment. Professional traders looking for long-term plays seek to determine if the price action is above or below the 20d MA, 50d MA, 100d MA and, the 200d MA as a tell for bullish or bearish sentiment. IF ETH can close above the 50d MA, I will be a long, long holder of this product. It is nice to see the volatility coming down which could signify accumulation. The last squeeze provided a great opportunity for some longs to get out with a smaller loss, or small profit, and made a great profit for people like me who saw the squeeze. A child could have seen that squeeze coming. I was fortunate to take my own advice and dollar-cost-average in ETH under $200 to mitigate any losses on the downside and provide funds to buy more if it continued to slide. Now, I wait for the 50 Day Moving Average to be breached with a close above to get on the long train for the long ride. I also believe this will set off the trading bots and draw in new money previously scared away by all the volatility.
Currently, I have no position. My sentiment is BEARISH with the hope we break down below $200 again with short interest picking up for another short squeeze. The above analysis applies to the ETHBTC pairing which I use as a reference.
If you are a Troll, I will follow you and Troll you back! I enjoy that very much. I am retired and rich, so I can careless about the rules of this site. Be nice, respectful, and offer constructive criticism and maybe we can all make money together. This crypto-trading has brought out kids still living in their parent's house who have dreams of making it rich in the crypto markets so they can get women.
*******NOTE*****
I appreciate the work every person puts into their charts. Some charts are very complex and interesting to investigate both sides of the trade. I give lots of credit to those guys for putting their work out there only to be harassed by dodo-birds with opposing views and no substantial opposing criticism other than a one-line statement.
Currently, I have no position. My sentiment is BEARISH with the hope we break down below $200 again with short interest picking up for another short squeeze. The above analysis applies to the ETHBTC pairing which I use as a reference.
If you are a Troll, I will follow you and Troll you back! I enjoy that very much. I am retired and rich, so I can careless about the rules of this site. Be nice, respectful, and offer constructive criticism and maybe we can all make money together. This crypto-trading has brought out kids still living in their parent's house who have dreams of making it rich in the crypto markets so they can get women.
*******NOTE*****
I appreciate the work every person puts into their charts. Some charts are very complex and interesting to investigate both sides of the trade. I give lots of credit to those guys for putting their work out there only to be harassed by dodo-birds with opposing views and no substantial opposing criticism other than a one-line statement.