Hello Crypto enthusiasts!
I developed this chart around 24 hours ago but didn't get to publish it, so there you go!
I believe my last published chart still holds in the near/short term, but you should tune up your trading or investment strategy based on your personal preference, hence the following analysis.
As indicated in the chart a Head and Shoulders pattern emerged on March 18, and is expected to end today March 24. We are still in a bearish market where 2 support levels already have been tested yesterday, March 23rd. The immediate support is around USD 510, with a stronger support around USD 506; hence the expectation is for the pattern to bottom out around the USD 506 in the short-term.
In the medium to longer term, and based mostly on ICO related regulatory announcements, as indicated in my previous analysis, and taking into account the bearish trend, I would expect the market to test the price range between approximately USD 480 and USD 489, if breached we could go down to around USD 460, which is the intersection of the support tested on March 18 (beginning of the Head and Shoulders pattern), and the lowest Fibonacci retracement level on the graph, making it the ultimate reversal test, if breached it would be a slippery slope for ETH.
So where would you get in? Depending on your trading/investment strategy and personal preference, I would wait for any bottom confirmation and get in on the rise (1 or 2 green consecutive candlesticks with decent volume, depending on your risk tolerance).
I have been following the market for some time now, but still relatively new to this, so your comments and feedback (including "likes") would be appreciated!
Safe trading to you all!
I developed this chart around 24 hours ago but didn't get to publish it, so there you go!
I believe my last published chart still holds in the near/short term, but you should tune up your trading or investment strategy based on your personal preference, hence the following analysis.
As indicated in the chart a Head and Shoulders pattern emerged on March 18, and is expected to end today March 24. We are still in a bearish market where 2 support levels already have been tested yesterday, March 23rd. The immediate support is around USD 510, with a stronger support around USD 506; hence the expectation is for the pattern to bottom out around the USD 506 in the short-term.
In the medium to longer term, and based mostly on ICO related regulatory announcements, as indicated in my previous analysis, and taking into account the bearish trend, I would expect the market to test the price range between approximately USD 480 and USD 489, if breached we could go down to around USD 460, which is the intersection of the support tested on March 18 (beginning of the Head and Shoulders pattern), and the lowest Fibonacci retracement level on the graph, making it the ultimate reversal test, if breached it would be a slippery slope for ETH.
So where would you get in? Depending on your trading/investment strategy and personal preference, I would wait for any bottom confirmation and get in on the rise (1 or 2 green consecutive candlesticks with decent volume, depending on your risk tolerance).
I have been following the market for some time now, but still relatively new to this, so your comments and feedback (including "likes") would be appreciated!
Safe trading to you all!
