So many people hurting on ETH, is the pain over? I hope this trade provides you the information you need to know and understand whats next for ETH.
This is a chart kept simple and will give you the insight you require to see the next move for ETH.
So ETH has bottomed at a price we found back on the 12th of December 2017, this time of the year was before the entire market took off last year. Its a common scenario that coins are falling back to this value as the volume in the crypto market is also back to similar figure to early December.
We have bounced off this level in the past and every time we have seen a big price increase as the coin is bought up aggressively.
This time we have touched this level and have we seen aggressive buys come in? No.... We have seen buys but nothing aggressive the overall market is very bearish and therefore we aren't getting bounces. Seeing this on ETH does make you wonder about the BTC will we get a strong bounce or will we only see the 'mums and dads' (us) buying and the large corporations sitting back to make sure the market continues its decline. This is a large possibility, and the price can be driven down much further until we are pushed up.
ETH has been suffering now in a downward trend same as the overall market has since the 13th Of January.
So the chart is telling us the EMA's are heading down to the current price this is a good sign but without buys and momentum we can just see some side ways action.
In the red shaded area there is a risk we break low of this formation which would then be a nice short set up as we could see levels 10-20% down from here.
The probability of moving into accumulation and seeing a sideways trend is the most likely and we have this exact action displaying in a lot of coins which is a good sign for the overall crypto market, even we break the downward trend and move into accumulation then we will see alts return and come back to life, so this is all dependant on the crypto market trending sideways not just ETH.
ETH we currently don't have a Long buy here, many people have been asking but the simple answer is no. If your wanted to trade the channel then you have a profit opportunity but this is a slow moving coin at the moment with no momentum and we didn't get the bounce most people thought we would unlike previous times we have hit this bottom. Have a look circled in red each time we hit this base how aggressive buyers were up until now.
If your holding ETH it might be worth offloading some of your bag and come trade Alts with Cash Is King, as you can verify on my profile we are averaging a 20% profit per day on our trades which is far greater then what you will see here in the short term.
ETH has a long road of recovery ahead with what the lack of momentum hitting this level, there were many people thinking that this bounce would be the turning point and bag holders have been waiting for this level to be reached to see green.
If you holding you need to sell if we break low or you can hold in the channel and day trade.
Hope this gives you some insight on ETH.
Cash Is King! Come trade some other alts.
*some alt trades below in related articles.
This is a chart kept simple and will give you the insight you require to see the next move for ETH.
So ETH has bottomed at a price we found back on the 12th of December 2017, this time of the year was before the entire market took off last year. Its a common scenario that coins are falling back to this value as the volume in the crypto market is also back to similar figure to early December.
We have bounced off this level in the past and every time we have seen a big price increase as the coin is bought up aggressively.
This time we have touched this level and have we seen aggressive buys come in? No.... We have seen buys but nothing aggressive the overall market is very bearish and therefore we aren't getting bounces. Seeing this on ETH does make you wonder about the BTC will we get a strong bounce or will we only see the 'mums and dads' (us) buying and the large corporations sitting back to make sure the market continues its decline. This is a large possibility, and the price can be driven down much further until we are pushed up.
ETH has been suffering now in a downward trend same as the overall market has since the 13th Of January.
So the chart is telling us the EMA's are heading down to the current price this is a good sign but without buys and momentum we can just see some side ways action.
In the red shaded area there is a risk we break low of this formation which would then be a nice short set up as we could see levels 10-20% down from here.
The probability of moving into accumulation and seeing a sideways trend is the most likely and we have this exact action displaying in a lot of coins which is a good sign for the overall crypto market, even we break the downward trend and move into accumulation then we will see alts return and come back to life, so this is all dependant on the crypto market trending sideways not just ETH.
ETH we currently don't have a Long buy here, many people have been asking but the simple answer is no. If your wanted to trade the channel then you have a profit opportunity but this is a slow moving coin at the moment with no momentum and we didn't get the bounce most people thought we would unlike previous times we have hit this bottom. Have a look circled in red each time we hit this base how aggressive buyers were up until now.
If your holding ETH it might be worth offloading some of your bag and come trade Alts with Cash Is King, as you can verify on my profile we are averaging a 20% profit per day on our trades which is far greater then what you will see here in the short term.
ETH has a long road of recovery ahead with what the lack of momentum hitting this level, there were many people thinking that this bounce would be the turning point and bag holders have been waiting for this level to be reached to see green.
If you holding you need to sell if we break low or you can hold in the channel and day trade.
Hope this gives you some insight on ETH.
Cash Is King! Come trade some other alts.
*some alt trades below in related articles.
I will do another trade for targets.