Hi all, thanks for sparing little time reading my analysis. This time I'm going to cover daily chart ETH/BTC. Looking at current candle all I can say is, "don't you worry Ether, the end is near". See the descending channel (in blue stripes) and major support line (in green stripes) ? It's just counting days that they gonna across on create a critical support area (bubble text) which the candle is visually trying to reach there. Where the movement from this point, I believe will set another strong trend whether it maybe bullish or bearish.
But, considering all the dynamic happend on Ethereum. I have to say, I tend to be optimistic this time. Of course the rebound will be invalidate if the critical support at 0.0589 confirm being breached. When the bounce occur, the price needs to get through the major trendline (in red stripes) to confirm the reversal. Then ethereum will may face another resistent on upper line of the descending channel.
I may need to tell all my loyal readers, followers, companions that I have two style on creating ideas. The first one like you see in here, which I rather to share my analysis and point of view behind it. The second one is trading signal where I post a straight prediction about the movement of price with it's target and stoploss level. You really don't wanna miss the both of sides of it lol. So I really appreciate if you follow me or give it a like. Thank you, cheers.
But, considering all the dynamic happend on Ethereum. I have to say, I tend to be optimistic this time. Of course the rebound will be invalidate if the critical support at 0.0589 confirm being breached. When the bounce occur, the price needs to get through the major trendline (in red stripes) to confirm the reversal. Then ethereum will may face another resistent on upper line of the descending channel.
I may need to tell all my loyal readers, followers, companions that I have two style on creating ideas. The first one like you see in here, which I rather to share my analysis and point of view behind it. The second one is trading signal where I post a straight prediction about the movement of price with it's target and stoploss level. You really don't wanna miss the both of sides of it lol. So I really appreciate if you follow me or give it a like. Thank you, cheers.
Comment:
Ether got dragged down below because of the bitcoin huge correction. It maybe wise to stoploss if the invalidate line got passed through.