As you may have noticed late yesterday, I told you that the place was ambiguous. And still my position is Long. Yes. The chart shown above is a one-week chart. I'm basically Bear, so it's easier to see the invert chart. If you look at the chart, you can see the following features.
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(ETH 1 week invert chart close up)
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1) Not perfectly, but the 50-day line is flattened like the top of an arch. 2) The current price of this week's candle is below the 50-day line.
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Looking at both of these, the ETH Invert Chart is now ready for a downturn. Let's flip the chart again.
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(ETH 1 week chart)
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If you look at this chart, the 10-day line is still falling, and the 20-day line has just dropped its head.
Yesterday I told you that the 5 & 10day lines on the 1 week chart were before the intersection. And next week when the candle was made, I said it was important whether the point where the price started would be above or below that intersection. Given the current move, the price starting point is likely to be created below the intersection.
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(ETH 1 day chart close up)
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Now let's look at the 1day chart. So if the starting price of the candle next week starts below the intersection, that intersection will act as a resistance and the price will fall. Then I think the candle will fall on the 20day line.
If the ETH goes as expected, the price will drop to around $ 172 to $ 178.
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(ETH 1 day chart)
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But what makes me uncomfortable is that the current ETH movement is drawing the falling flag in the short term, while the falling wedge is drawn in the long term. In any case, it's more likely to fall now.
In the chart you see, the black dotted line is a falling wedge. Personally, I hoped that next week's candle would be made above the intersection of the 5 & 10day line. And as the price rebounded between $ 208 and $ 211 this time, I hoped to turn the 10-day line up. I was slightly inspired by the fact that the price of ETH is about to rise today. But the candle never ceased to rise above the top line of the falling wedge. It's more likely to fall.
All that's left now is to build support at least between $ 170 and $ 178. And the one-week candle should be made on top of the 10-day line again. If this flow changes the direction of the 10-day line on the 1-week chart and the Golden Cross of the 10 & 20-day line is created a few weeks later, I think the flow could go to the previous high.
But now I think the ETH is more likely to fall by the early $ 130.
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(ETH 1 week chart)
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In the ETH week chart, Stochastic created the Golden Cross. Now let's look at the ETH two week chart.
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(ETH 2 weeks chart)
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It's been three weeks since the one-week chart stochastic made the Golden Cross, but the two-week chart stochastic hasn't shown much change.
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The three-week chart stochastic seems to have just started to fall.
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(ETH 1 week chart)
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As I said yesterday, the place is very vague. The 1week stochastic shows an upside but the MACD is still down. My position is still Long. But if things go bad, the price could drop by as early as $ 130. It is likely that you will experience another lowest price rather than a double bottom, so I think watching for the time being is the best way to protect your assets.
The important thing seems to be the location of the candle after two weeks.
Today's analysis was up to here. You had a hard time working today. If you gamble in the stock or coin markets, you will lose money. I sincerely hope that you will continue to protect your precious assets in a conservative plan. Thank you.
@Crypto_Ranger_K, I appreciate. Can u help me?! I am following and studying cryptoactive. I want to invest some money in Ethereum, will't have any high till the end of the year? What do u think?
Crypto_Ranger_K
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@fernandohccarneiro, Hello my friend. I'm expecting the price of all coins to drop. Right now I'm waiting for the flow to make a double bottom, but I'm not sure it will be created any time soon. Maybe we should watch more. I've thought about the worst. That's the BTC falling to mid $ 4000 and the ETH to early $ 130. If the flow goes to the worst, I think the low will be between late January and early February of next year. I think all we can do now is keep watching. When it's time to buy a coin, I'll post it here. Let's keep watching together.