Hello investors! Yes, ETH did a weird candle today, very bearish and with high volume. Now I’m out, as I’ve already told you that I would only sell my position if the price close under this green line in the hourly chart. It seems it will continue to go up though, but in any case, I booked my profits here. We’ve been long since May 13, and this trade gave me about 10% profits. Also, the link to my call on this trade is below, as usual, and I invite you to follow me to keep in touch with our trades and analyses, I’m sure you’ll find something useful. And congratulations for those who did catch this trade with me! Another battle won, my friends!
Ok, now ETH is back to the green line, and if this is just a pullback to resume the bear trend and hit the black line again, I don’t know. Let’s see the daily chart:
ETH hit a resistance zone, and now the bulls are struggling to pass through this point. If you think about it, a pullback to the 21 ema would be very good imo and would allow the bulls to take a deep breath and gather the strength they need to resume the trend. In this case, I would buy again!
In any case, there’s nothing for the bulls to worry right now, and the trend is still bullish. Any drop on the price will be just another opportunity to long again, until the trend reverses.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
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nice work! think we may see that 50% fib retrace possibly , I think it should come back to there at least.. weekly stoch/RSI is now crossing over bearish and heading back down. this is definitely on it's way to test deeper support before it crosses the 230 mark. what do you think?
Nathan_Black
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@TurnerCrypto, Hey Turner! Thanks, man! Yep, the cryptos aren't making any exciting moves here, at least nothing that fits my trading style, and a test all the way back to 50% fib is very plausible. Just be aware of the supports on its way! But it' s a good target to aim, close to previous support at 165. Personally, I'm just waiting for another sign now, since I'm not on the mood to short anything yet.
Stay safe, Turner!
Trade well.
NumbersAreFigures
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If you look at all the highest volume days since the March lows they have predominantely been bearish volume candles for ETH and BTC, whereas for Chainlink there has been predominantely more green volume candles than bearish red candles.
Nathan_Black
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@NumbersAreFigures, Hi NumbersAreFigures! Thanks for sharing your insight, this is something worth to notice.
My best regards to you.