Personal take on eth (update)

POLONIEX:ETHBTC   Ethereum / Bitcoin
329 3 7
11 months ago
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.
11 months ago
Comment: totally skipped the first leg :) but played out nonetheless

Related Ideas

11 months ago
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.
11 months ago
kinda broke out of that channel now
esuvari Cryptolicious
11 months ago
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.
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