esuvari

Personal take on eth (update)

Short
POLONIEX:ETHBTC   Ethereum / Bitcoin
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7
Yesterday, I anticipated that the previous low would be too tempting to test so it would break the bearish resistance, though just momentarily. That resistance proved itself to be stronger than I thought and price bounced from that precise point.

However it wasn't a proper bounce, didn't go too high and since then we're consolidating within that range.

I think the next move will be to go for a lower low (lower than 1650)
But we'll bounce hard from that point for three reasons:
1- That's where the bearish trend line is, it proved itself to be a solid support.
2- Previous low (1650) provides a horizontal support and acts as a psychological barrier, so bulls might fight hard there.
3- We still didn't have a big nice correction for days. it might be time. That correction won't get past the hard resistance though, so 1850 would be a good re-short entry.

As to what happens then...
Well I don't see any support till 0. 01 really. but too early do delve into that for now.
Comment: totally skipped the first leg :) but played out nonetheless

Comments

kinda broke out of that channel now
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esuvari Cryptolicious
not really, channel is still in play. It's got back in it as we speak.
I admit that those lines are not bulletproof, they've been broken several times now.
but they attract the price like a magnet, everytime.
Reply
Don't count on TA only. Market psychology is the most important thing right now. Smart money won't enter the market until a reasonable price is reached. There will be no significant bounce. If we go trough 1500 there, which seems the case, there will be a rally down sub 0.01 levels.
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