Not financial advise. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
Who loves Ethereum? Whether you love it or you hate it you have to pay attention to it. Typically Ethereum shows signs prior to a major market move. It's sort of like the precursor to big Bitcoin moves. I like to watch some of the bit btc trading pairs (XLM, ADA, ETH, XRP, etc ) and usually more often than not, they'll make a decent move minutes before BTC does.
Anyhow, let's get down to the meat and potatoes of this:
1. No bullish divergence here at all.
2. Trading right BELOW the median of this pitchfork for weeks and not really sitting on any significant recent support - this is fishy. There was support in this area back in October of 2018, though.
3. On the main impulse which took ETH up 100% against the USD trading pair, we've obviously fallen from there and have retraced well beyond the 61.8% retracement to have that count for any kind of support. It's not anymore.
4. We can find support at the 78.6 which seems the most plausible support level we should be focusing on. It's right where there was prior resistance (the red box) so I would expect that to be the next true support level.
Evaluate the price action there. I expect selling pressure after the Constantinople event. Do yourself a favor, though. Don't trade news events unless you get in early, then make sure you secure profits because trading news is risky and typically you end up losing unless you take profits on the way up.
Trade safely friends!
<3 -CE-
Who loves Ethereum? Whether you love it or you hate it you have to pay attention to it. Typically Ethereum shows signs prior to a major market move. It's sort of like the precursor to big Bitcoin moves. I like to watch some of the bit btc trading pairs (XLM, ADA, ETH, XRP, etc ) and usually more often than not, they'll make a decent move minutes before BTC does.
Anyhow, let's get down to the meat and potatoes of this:
1. No bullish divergence here at all.
2. Trading right BELOW the median of this pitchfork for weeks and not really sitting on any significant recent support - this is fishy. There was support in this area back in October of 2018, though.
3. On the main impulse which took ETH up 100% against the USD trading pair, we've obviously fallen from there and have retraced well beyond the 61.8% retracement to have that count for any kind of support. It's not anymore.
4. We can find support at the 78.6 which seems the most plausible support level we should be focusing on. It's right where there was prior resistance (the red box) so I would expect that to be the next true support level.
Evaluate the price action there. I expect selling pressure after the Constantinople event. Do yourself a favor, though. Don't trade news events unless you get in early, then make sure you secure profits because trading news is risky and typically you end up losing unless you take profits on the way up.
Trade safely friends!
<3 -CE-