So it’s difficult to look at this chart and not cry. We can only feel sorry for those who went long on ETH the last 4 months. Nevertheless I don’t think this correction is over, what are the important things to look at.
-We’ve broke every possible support-line we could. I personally thought that finally we could hold on to the huge at 370, that was a very big support line and we hold for 45 days but then we’ve broke that aswell, in 3 days. We see consistently big red candles if we approach a support line, which indicate that ETH is incredibly weak at the moment.
-It’s negative that we’re breaking support-zones for fun, but here's some more negative news: that support zones becomes resistance levels! That means if we want to come on the same level as last month, we have to break a major resistance-zone and 2 big resistance levels aswell.
-If we’ve a look at historical price action, our next big support-zone is between 200 and 150. I expect the same thing as we’ve seen before: stable just above the support and then a massive decline downwards to 150.
-Not to forget: the decision for BTC! How is this going to affect ETH? Read a couple of guys who said that this couldn’t go good either way.
approved: everyone buying BTC and selling their alts
not approved: BTC going down and taking the alts with it.
(not fully agreeing on this opinion but, who knows, this is a real possibility. I don’t personally see it happen if BTC-etf get approved, I expect a trend reversal for the most coins. (just thought this was an interesting statement)). (the small idea I was talking about, not here to steal ideas from anyone, just thought this was interesting.)
-We’re seeing a lot of competitors for ETH now, big players like NEO, Cardano,… which is negative for ETH price-action aswell. Curious to see how Vitalik Buterin is going to solve this.
If we check the ETHUSDSHORT chart, we can see that there is still enough margin to go up in shorts. ( , when all others are waiting for shortsqueezes, is ETH waiting for more shorters to come)
Love to hear your opinion on this!
DM's and comments are always welcome.
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Like the way you diversifie your buys!
Good luck trading!!!
Becides that will go in with only 60% of flat, just in case ETH goes deeper.
Good luck to you too
Also really like ada, eos, neo and icx for sure! Time will tell...
Best of luck