Overview This is a continuation of a Bump and Run Short Bear analysis that I did at the beginning of May, which as you can, see proved to be wrong as the prices never recovered from the "bump" and instead continued to rise up dramatically. Interestingly, though, the resistance trendline turned into support line for what is a general bullish uptrend. Everyone is wondering how long will this last.
Bears The only bearish signal at this moment is a huge spike of red(sell) volume, which has not entirely been manifested on the prices. Unless green volume hits back, this can pressure the prices to drop down further. For now, the support line has been tested successfully, currently, we're testing it another time.
Short Term What is backing us up is the Donchian Cloud and DBB/Bolinger Bands which show the prices bottomed out at the lower bands and have begun recovering. The support line has historically proved to be a nice entry point, so did the Donchian Cloud and BB lower bands. Exit accordingly at the top, If you're trading that is.
Long Term Generally, we're still in a bull market, corrections come and go, volatility on daily to weekly ranges are normal. Any sudden pullbacks are generally unwarranted, but if they do appear, then we must start to look to establish accurate levels of correction with the help of Fibonacci Retracements and historically longer-term supports.
For now, we can stay positive, Let's see how far this puppy can bring us.
@braxor1, Ichimoku looks good too. the green cloud has acted as support recently and indicated more sideways action with a slight uptrend.
Fenrium
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sanneh
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@braxor1, Looks good right, but barely. We're on thin ice, but if we take into account the bullish nature of the market and the objectively low price of ETH of what it could be (1k+) then these current levels are nothing.
The EMA100 (yellow) here is dangerously close to prices, they must not fall below this line. It can act as support, though. The triangle channel between 16 May - 27 May has been broken out nicely and retested as support.' It's a double edge sword for sure, and you never know in these markets. If you make a Long analysis, it goes Short, if you go Short it goes Long.