Time for a small scalp? Maybe!

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Any move north will be met with heavy resistance technical indicators which have held since May-2018:

One might be able to scalp $20 to $30 USD from any move north from here, but the likely scenario is a full break down of ETH. The chart reads like a death signal for Bulls and a happy-face for Bears. I accumulated under $220 as I indicated in my last analysis and hope to get out with another small profit. here is what we are up against for the short term -- the 50-days MA has held like a cement ceiling since June and has been unbreachable, as has the upper logarithmic band, noted in the translucent blue. The overhead resistance is heavy and I would be surprised if we could break $260(USD)! The recent volume was just eaten up with those liquidating their positions -- soaked up like a sponge and those holding at those levels are so scared that when/if the psychological level of $200(USD) is broken, they will most likely jump ship. This has been a bloodbath with ICO's selling off to hold on to money to run their start-ups or fund special projects. Some ICO's were sitting on millions until they weren't! New investors were drawn in looking for big rewards and ended up losing the kids college fund and quite possibly the rent money.

I like a good bet as much as the next guy -- but let's be pragmatic about what's been happening to ETH the last 5 months. I stated in a recent post that I believe the days of ETH above 1k are over and at this point, $500(USD) looks unreasonable. Set your stops tight and commit to your position while sticking to your strict trading rules. The good ol' days of 1000+ percent returns are on hold for a while. There may be a convergence play here for short-term gains (maybe more), but the trend is still very much bearish . How low can ETH go(0)? I dunno, but we will see if I am right.

Gimme a like if you find my analysis insightful. I am honest, willing to see both sides and always advise when I have skin in the game. I do not give trading advice, nor should you consider this trading advise. I am a professional trader of 25+ years; only recently adding Crypto to my repertoire. I find Crypto very difficult to analyze as it is pure sentiment based.

Good luck one and all,


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