Let me clarify something first: I believe a lot in some Cryptos and I accumulate them as a long term investment.
I wait for corrective periods like this one to buy more.
Now as to the current situation:
It is obvious that we are in a corrective pattern you do not need a special technical analysis to understand that.
And always remember to "never try to catch a falling knife" let the market guide you.
The question to answer is if this move down is just a correction or the start of a long bear market period.
With what I see now, I think that its just a correction that will create great opportunities.
Why? Because big financial institutions have just started to officially being interested in Cryptos.
Because the vast majority of people still do not understand what BTC or ETH or other Cryptos are and the tech behind them.
Because the long term charts remain in good condition.
What we are having is a shake off, a move that will scare the people who thought that Cryptos are a short term opportunity to turn $1000 into to a million.
For them this move down will be a life lesson (if they can understand it).
Now, as to the short term chart of the ETH
I have placed in the chart some comments so that you can see where the short term trend changed.
We are still going down, there is some support around $2000 but there is no proof yet that the move has ended.
Next week will be important and very interesting.
I will keep you posted.
I wait for corrective periods like this one to buy more.
Now as to the current situation:
It is obvious that we are in a corrective pattern you do not need a special technical analysis to understand that.
And always remember to "never try to catch a falling knife" let the market guide you.
The question to answer is if this move down is just a correction or the start of a long bear market period.
With what I see now, I think that its just a correction that will create great opportunities.
Why? Because big financial institutions have just started to officially being interested in Cryptos.
Because the vast majority of people still do not understand what BTC or ETH or other Cryptos are and the tech behind them.
Because the long term charts remain in good condition.
What we are having is a shake off, a move that will scare the people who thought that Cryptos are a short term opportunity to turn $1000 into to a million.
For them this move down will be a life lesson (if they can understand it).
Now, as to the short term chart of the ETH
I have placed in the chart some comments so that you can see where the short term trend changed.
We are still going down, there is some support around $2000 but there is no proof yet that the move has ended.
Next week will be important and very interesting.
I will keep you posted.