Cryptocurrency continues to fall in the majority as most of the leading markets are under the mercy of a technical downtrend which is dragging price down despite numerous attempts to support and break out. Since 11th July price in Ethereum has been attempting to find support at 430 levels, and this has been holding for the past few days but has looked increasingly weak at the support as time has gone on. Price looks especially weak now, with weak candlesticks as the 20 moving average was retested as resistance was hit, and price is now rolling over since. If price breaks the consolidation support then price is going o make a solid down move to the downside in the form of a 3 wave down move. The downside target coincides with a horizontal support zone between 369 and 343, and also a long term side-wards support line at 362. Due to there being more supports at this target, logic dictates that there will likely be quite a lot of buy orders at or just under the level I have mentioned, and this is simply because from a technical analysis perspective, price has a high probability of bouncing! More supports and "circumstances" that line up in a trade, the better. In this case, especially.
The support could have held with a 50/50 odds in my opinion, until price did a clear retest of the 20 moving average and failed, showing even in the short term, Ethereum lacks enthusiasm from bulls. Why would bulls rush? They can wait for a safer level lower and just buy there! Only people in a rush will get burned trading Cryptocurrency, and experienced people will let the opportunity come to them (Basically cashing in on less patient peoples capital) and ultimately winning. My point being, let's be patient, wait for the opportunity to come to us and until then, just watch calmly, and trade the circumstances.
When price has a candlestick close below 417, this will be definite confirmation price is moving to the horizontal support zone between 369 and 343. the only way that my downside idea will be negated is if price has a firm candlestick close above 450, but as it stands, the probabilities are that we're going down.
Where do you think price is heading now? Leave a comment below this analysis with a chart so we can all share!
Please leave a LIKE and FOLLOW. I'd really appreciate it. :-)
Thank you for your support.
The support could have held with a 50/50 odds in my opinion, until price did a clear retest of the 20 moving average and failed, showing even in the short term, Ethereum lacks enthusiasm from bulls. Why would bulls rush? They can wait for a safer level lower and just buy there! Only people in a rush will get burned trading Cryptocurrency, and experienced people will let the opportunity come to them (Basically cashing in on less patient peoples capital) and ultimately winning. My point being, let's be patient, wait for the opportunity to come to us and until then, just watch calmly, and trade the circumstances.
When price has a candlestick close below 417, this will be definite confirmation price is moving to the horizontal support zone between 369 and 343. the only way that my downside idea will be negated is if price has a firm candlestick close above 450, but as it stands, the probabilities are that we're going down.
Where do you think price is heading now? Leave a comment below this analysis with a chart so we can all share!
Please leave a LIKE and FOLLOW. I'd really appreciate it. :-)
Thank you for your support.
Comment:
Comment:
Ethereum has hit the target of 470 as predicted in my previous analysis update. It looks like price could stall here now as it has hit a primary horizontal resistance zone between 478 and 502.
I will be posting a new analysis later to follow up this analysis
Please leave a LIKE and FOLLOW. I'd really appreciate it. :-)
I will be posting a new analysis later to follow up this analysis
Please leave a LIKE and FOLLOW. I'd really appreciate it. :-)
Likely targets - 470 and 510.
Please leave a LIKE and FOLLOW. I'd really appreciate it. :-)
Thank you for your support.