esuvari
Short

Eth rejected by the downtrend resistance once again

POLONIEX:ETHBTC   Ethereum / Bitcoin
768 2 16
The crossing bull and bear trendlines have been very useful at explaining things so far.
Since the drop from ATH             the bottom downtrend line (thin red line) acts as a soft resistance and the upper one (bold red line) acts as a hard one.
Everytime the price reaches the thin red line it's hammered back down or it manages to break it and goes up, only to be rejected by the bold red one.

What we've been seeing is a repetition of that pattern.
Now that the price is rejected by the hard resistance, we can expect a long downtrend from here.

Another downtrend line I noticed is the one where the price bounces from these drops (yellow dotted line)
So if the drop follows the pace of the previous one, I think our target is around 0.013 this time.
However the longer it hangs around 0.02, the lower that target should be. (because of the slope of the line)
I know this Idea is now 10 days old, but it played out and worked like a charm. Kept bouncing off for 10 days in a row now. Thanks.
Reply
esuvari Nahkampfschaf
Thanks for the appreciation :) I've been finding it pretty useful myself.
Not only the top hard resistance, but the lower thin red line and the dashed yellow line at the bottom proved themselves to be very significant with bounces.
So I'd look out for those as well.
+1 Reply
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