Hello guys, I'm new to trading crypto or trading in general. actually, I don't trade much for now. I found myself interested in charts and I like to watch them. here is my first actual TA, bear with me if it looks funny because I know it does.
am I doing this even right? Or using two patterns in one area is a bad idea? just wanted to hear some opinions so I can get better at this. any advice is appreciated in advance.
Thank You.
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well, the chart still looks the same. most importantly the decline in volume is still going on. it's a bearish sign because from point (1) we have a slight upward trend in price but the volume is in a constant decline. on the other hand, the RSI not showing any sign of "Over Sold", so still there is a good chance it will go down again.
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looks like sell-off started. i don't think 200 can hold it. maybe 194-196. in addition to that, BTC is diving again. ETH didn't follow accordingly. but i think it will. RSI still now showing Oversold in 4H, but in 1H it does. still going down in my opinion.
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190 can hold it or we head down to 180? (these are not major support levels. these are 0.38 and 0.23 levels of last trends fib retracement.)
Trade closed manually
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That's not actually that bad for a first timer, close enough. :D
@amir.shahrivar.054 did you check bitfinex volume? I don't know but it smells me wash trading. going 4-5 dollars up and down fast enough than ever before. maybe bulltrap?
amir.shahrivar.054
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@WealthHustler, I just checked, looks like a wash trade to me too. I think Bitfinex is infamous for their wash trading activities. but if I want to be optimistic and discard the possibility of manipulation, I would say it's likely to be a bull trap. 'cause so many think we already hit the bottom. i dont.
so i say wash trade on Bitfinex, but Bull trap in general. or perhaps they utilizing the bull trap in their favor. can't say for sure.
WealthHustler
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@amir.shahrivar.054, I see, even Binance doing same thing. much volume. If there was so much of ETH buying demand - why not price shoot to 300,400 then hahaha :D
amir.shahrivar.054
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@WealthHustler, increase in volume doesn't necessarily means an increase in demand. as you can see now we have 2 big red bars in volume which means ETH is on sale again. actually the combination of "price up - volume down" or "price down - volume up" both are bearish signals. besides that, the support levels are too fragile for ETH right now so I doub't it can hold on here. first, it must find a reliable support level. I don't think 200 can hold it there.
WealthHustler
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@amir.shahrivar.054, understand, thanks for in depth info bro :) I appreciate your help!
amir.shahrivar.054
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@WealthHustler, you are very welcome bro. you are the first bothered to comment on my idea. I appreciate it so much. good luck.