If you think logic there are only element that speak for a safe trade opportunity on ethereum.
The 187 dollar level acted 2 times as important breakout level (downward the 14 november 2018 and upward 11 may 2019).
It failed to support the 28.08.2019 and some bulls took the occasion of a low volume buy on the fake out of 13 september 2019.
The 48MA-price rapport is convincing. It supported the pre-breakout phase (green oval) and the break under this level triggered a strong sell the 12 july 2019 (red oval).
The close above this level was also falsely interpreted as bullish sign (second bull trap).
The last 2 weeks after the strong sell off of the 23 september ETH went sideways inside a flaggish wedge.
More than one daily candle closed just under the break out level and the 48MA.
Now, as there is confluence of important resistances, short is the logical consequence with target the 130 dollars area, close above 187 will probably trigger sustained buying volume.
BIO
The 187 dollar level acted 2 times as important breakout level (downward the 14 november 2018 and upward 11 may 2019).
It failed to support the 28.08.2019 and some bulls took the occasion of a low volume buy on the fake out of 13 september 2019.
The 48MA-price rapport is convincing. It supported the pre-breakout phase (green oval) and the break under this level triggered a strong sell the 12 july 2019 (red oval).
The close above this level was also falsely interpreted as bullish sign (second bull trap).
The last 2 weeks after the strong sell off of the 23 september ETH went sideways inside a flaggish wedge.
More than one daily candle closed just under the break out level and the 48MA.
Now, as there is confluence of important resistances, short is the logical consequence with target the 130 dollars area, close above 187 will probably trigger sustained buying volume.
BIO