ETHUSD today analysis, 190929. Not bottom, there's more.
Hello, my friends. It's Cryptoranger K.
Currently, the price of ETH has not changed much for several days. With this in mind, some people predicted that the floor would be near. But what I'm seeing is just the return of the ETH price to its original position, and I think the price of ETH is still falling. ETH prices are likely to rise. If one of the 1-week candles created within two weeks from now rises and settles on the 50-day line, the price of ETH may rise. (The chart shown above is a 1week chart.) But the reason I think that is unlikely is that the MACD is still talking about the decline. Although Stochastic created the Golden Cross, as I mentioned earlier, the MACD's power is superior to Stochastic in the already oriented situation. If this is the bottom, at least the direction of the MACD should point upwards. More decisive is that the current price lies below the 5, 10, 20 and 50 day lines. And all of these lines are now coming together in one place. Basically, all of these lines each have a role as a resistance, and at the point where all these lines are gathered, the resistance is multiplied many times. So I accepted this as a signal that ETH's price would fall again.
(You should look at the picture from here. In fact, it's a simple picture, but it's complicated as a lot of information goes in one place.)
What is important from now on is the timing of the flow of the 20-day line going from the bottom to the top. This requires at least one strong price drop. If you see a rebound that quickly rises below the 20-day line after the ETH price drops strongly in the future, you can think of the 20-day line's downward direction as a signal from a downturn to a rise. For reference, the upward rally that lasted from early March to the end of July was also a move to drive the rise of ETH. The rise has shifted the chart's current 50-day line from drop to sideways, and we expect another rise to reverse the 50-day line from sideways to rise.
As mentioned in the analysis I posted a few days ago, the yellow dotted line '1)' predicts the average shift in ETH price going forward. The purple curves labeled '2)' predicted future ETH price movements in consideration of resistance and support. If the ETH price goes as expected, the 20day line will flow in the shape of a brown dotted line marked '3)'. The flow you see is just my prediction, and the price floor that's falling right now could be made lower or higher than I expected. Of course, the timing may be earlier or later than expected. The current figure is an estimate of the ETH price flow.
Today's analysis is up to here.
Today's picture was a bit complicated. I tried to explain it in as much detail as possible, but I don't know if I explained it well. If you have any questions, please leave a comment. However, I am not a native speaker of English, so I would appreciate it if you could make the sentence as easy and simple as possible.
I hope you'll have the rest of the weekend in peace, and I'll see you again tomorrow.
Thank you.
Currently, the price of ETH has not changed much for several days. With this in mind, some people predicted that the floor would be near. But what I'm seeing is just the return of the ETH price to its original position, and I think the price of ETH is still falling. ETH prices are likely to rise. If one of the 1-week candles created within two weeks from now rises and settles on the 50-day line, the price of ETH may rise. (The chart shown above is a 1week chart.) But the reason I think that is unlikely is that the MACD is still talking about the decline. Although Stochastic created the Golden Cross, as I mentioned earlier, the MACD's power is superior to Stochastic in the already oriented situation. If this is the bottom, at least the direction of the MACD should point upwards. More decisive is that the current price lies below the 5, 10, 20 and 50 day lines. And all of these lines are now coming together in one place. Basically, all of these lines each have a role as a resistance, and at the point where all these lines are gathered, the resistance is multiplied many times. So I accepted this as a signal that ETH's price would fall again.
(You should look at the picture from here. In fact, it's a simple picture, but it's complicated as a lot of information goes in one place.)
What is important from now on is the timing of the flow of the 20-day line going from the bottom to the top. This requires at least one strong price drop. If you see a rebound that quickly rises below the 20-day line after the ETH price drops strongly in the future, you can think of the 20-day line's downward direction as a signal from a downturn to a rise. For reference, the upward rally that lasted from early March to the end of July was also a move to drive the rise of ETH. The rise has shifted the chart's current 50-day line from drop to sideways, and we expect another rise to reverse the 50-day line from sideways to rise.
As mentioned in the analysis I posted a few days ago, the yellow dotted line '1)' predicts the average shift in ETH price going forward. The purple curves labeled '2)' predicted future ETH price movements in consideration of resistance and support. If the ETH price goes as expected, the 20day line will flow in the shape of a brown dotted line marked '3)'. The flow you see is just my prediction, and the price floor that's falling right now could be made lower or higher than I expected. Of course, the timing may be earlier or later than expected. The current figure is an estimate of the ETH price flow.
Today's analysis is up to here.
Today's picture was a bit complicated. I tried to explain it in as much detail as possible, but I don't know if I explained it well. If you have any questions, please leave a comment. However, I am not a native speaker of English, so I would appreciate it if you could make the sentence as easy and simple as possible.
I hope you'll have the rest of the weekend in peace, and I'll see you again tomorrow.
Thank you.