Lets talk about the channels first. Clear as day downtrend channels, the question is when will this trend be broken. The purple channels show a longer term down trend, only crossing the mid purple line (in up direction) when RSI indicates a greedy/overbought market. Inversely it only crosses the mid purple line (going down) at around 40 RSI indicating that it is not over sold and also RSI is predominately around 40-50ish also indicating a bear market is in place. The pink channel is a shorter down trend line with a neutral RSI indicating that this may be a more reliable down trend. All this solidified by the 1 year death cross with has never been wrong.
Now let talk a bit about market sentiment, because of this whole covid bizzz folks are going to looking for a way to pay bills and have money, which could easily turn to a heavy sell pressure. We are far from seeing the real impact as it has not been long enough for it to affect everyone, unemployment apps are at there highest and the unemployment rate has yet to catch up (its at 4.40 and is estimated to reach levels around 12-14!). This will most likely cause stocks and probably crypto to take another hit.
Ichimoku cloud also shows that we are about to go into further losses (not actually list on chart) but is a decent confirmation of bear market as you can see the MAs on there are starting to tighten (entering a more bearish market) and the cloud is pointing down. This little pump always happens after a huge dump, do not get swept up in it. I have a hunch that the millions minted in tether recently will be used to keep the market from going to low to fast, so itll be a slower bleed.
You can see the bulls are fighting hard to keep ether around 170 to cause a golden cross but I do not think they will be successful. Never trade against the market, always go with the market.
Now let talk a bit about market sentiment, because of this whole covid bizzz folks are going to looking for a way to pay bills and have money, which could easily turn to a heavy sell pressure. We are far from seeing the real impact as it has not been long enough for it to affect everyone, unemployment apps are at there highest and the unemployment rate has yet to catch up (its at 4.40 and is estimated to reach levels around 12-14!). This will most likely cause stocks and probably crypto to take another hit.
Ichimoku cloud also shows that we are about to go into further losses (not actually list on chart) but is a decent confirmation of bear market as you can see the MAs on there are starting to tighten (entering a more bearish market) and the cloud is pointing down. This little pump always happens after a huge dump, do not get swept up in it. I have a hunch that the millions minted in tether recently will be used to keep the market from going to low to fast, so itll be a slower bleed.
You can see the bulls are fighting hard to keep ether around 170 to cause a golden cross but I do not think they will be successful. Never trade against the market, always go with the market.