Ethereum continues it's weakness since my last analysis meaning so far it's going exactly as predicted! :-). there has been an intraday bearish engulfing signal which wiped out the possibility of yesterdays doji signal producing any type of upward reversal which is a good thing, since if it managed to pull up, it was NOT a safe buy and we would be sat there waiting longer for any upside action here as a faulty uptrend at that level would be negated and a consolidation before anything new happened again. So thankful that it failed and kept going downwards. For a buy here we need to see a retest on the horizontal support zone at minimum, between 199 and 149. You may think, this zone is incredibly wide, why is it? Simple, the support zone I have drawn into the chart is simply the Pre-December rally price, this zone is extremely important.
As outlined in last analysis if somehow the zone fails, not only will Ethereum take one of the biggest beat downs it's had for over a year, but will pretty much cause further panic across the entire Cryptocurrency spectrum. I mean, it's already been in a sheer downtrend for 9 straight months, mathematically speaking if carried on depreciating at the same pace Cryptocurrency would only have 4/5 months to live before bitcoin hit's a flat 0. For this reason it's important that something does make a change and soon. Would be a wasted innovation battered by panic.
Bear in mind that I do foresee that price bouncing in the horizontal support zone as an extremely likely occurrence, and when price nears this level, I'll be sure to keep everybody updated.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
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As outlined in last analysis if somehow the zone fails, not only will Ethereum take one of the biggest beat downs it's had for over a year, but will pretty much cause further panic across the entire Cryptocurrency spectrum. I mean, it's already been in a sheer downtrend for 9 straight months, mathematically speaking if carried on depreciating at the same pace Cryptocurrency would only have 4/5 months to live before bitcoin hit's a flat 0. For this reason it's important that something does make a change and soon. Would be a wasted innovation battered by panic.
Bear in mind that I do foresee that price bouncing in the horizontal support zone as an extremely likely occurrence, and when price nears this level, I'll be sure to keep everybody updated.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
Please leave a LIKE and FOLLOW. I'd really appreciate it. Your LIKES are the ONLY reason I post this content!
Thank you for your support.
