Hi everybody,
Same as most I have no idea where ETH or BTC will take us over the next couple of weeks, however here are the price levels I see as support and possible scenario playing out.
First - my gut tells me the weekly time frame is going to get to about 15-20RSI level before it will have a chance at a proper bullish follow through on any moves (BTC as well). This is a look at the daily timeframe where I have gathered most of my data. The price of ETH has reacted to two major indicators all year and they are Bollinger Band (close 20) and 100MA for the Daily Time Frame.
Second - Using the indicators mentioned above I am expecting support on the bottom of the Bollinger Band some where near the previous low, and should see a small bounce to the middle BB before continuing downward to the $83 mark to see if we set a higher low (start of equilibrium) or continue down to new lows (most likely in my opinion).
Third - Looking at the lower Time frames I have found the same indicators and Expected RSI levels for those Time frames match up.
In summary I am going to see how the price reacts to first level and if I am on point there I will go ahead and place my short position on the second.
Good luck everybody...
Same as most I have no idea where ETH or BTC will take us over the next couple of weeks, however here are the price levels I see as support and possible scenario playing out.
First - my gut tells me the weekly time frame is going to get to about 15-20RSI level before it will have a chance at a proper bullish follow through on any moves (BTC as well). This is a look at the daily timeframe where I have gathered most of my data. The price of ETH has reacted to two major indicators all year and they are Bollinger Band (close 20) and 100MA for the Daily Time Frame.
Second - Using the indicators mentioned above I am expecting support on the bottom of the Bollinger Band some where near the previous low, and should see a small bounce to the middle BB before continuing downward to the $83 mark to see if we set a higher low (start of equilibrium) or continue down to new lows (most likely in my opinion).
Third - Looking at the lower Time frames I have found the same indicators and Expected RSI levels for those Time frames match up.
In summary I am going to see how the price reacts to first level and if I am on point there I will go ahead and place my short position on the second.
Good luck everybody...