papabizz
Short

The death of ETH, RIP sweet dream

KRAKEN:ETHUSD   Ethereum / U.S. Dollar
Ive been waiting for this moment to happen, and it finally did.
Where do we start?

Lets look at the basics first.
ETH has been in a downtrend channel for a good while now, as seen on this chart, we just hit that trendline resistance.
The resistance we just hit has been hit many times before, which validates it.

Reason for the pump is leveraged shorts, alot of them were squeezed like lemons in a fancy lemon machine.
Lets look at some indicators.

RSI is normal, stoch RSI is high ( bearish ), MACD is currently green but can turn red quite quickly after a red daily close.

Dont forget to check this analysis in a few days/weeks, and give me some thumbs up when you see it play out perfectly.

IF the daily close happens under the trending resistance life, prepare your black suits ladies and gentlemen, ETH Is going to sleep.
Sep 22
Comment: To clarify, ETH target is somewhere areound 30$.

This is not an financial investment advice, do your own research at all times!
To clarify, ETH target is somewhere areound 30$.

This is not an financial investment advice, do your own research at all times!
Reply
A short squeeze occurs when there is an excess of demand. So why would ETH be going to sleep if there is an excess of demand for it? There is bullish divergnce on the MACD, and on the ADX, the -DI is sloped down, indicating declining bear power. Don't bury ETH just yet, ETH can be a powerful sleeper. Looks very similar to the breakout in April. And even if ETH is going to sleep, its still 47% up from the bottom(temp, maybe, maybe not). I don't consider that going to sleep, looks like it's waking up.
Reply
FTPG59 FTPG59
@FTPG59, I put weekly MACD and ADX in parenthesis, but it didn't show up on my original post. Larger time frames can often tell a complete story. But we shall see where ETH is headed :)
Reply
@FTPG59, you are wrong to think so. A whale alone could perform a small squueze. Hpw can you consider hitting the resistance line as waking up? If anything, its a good shorting opportunity, as mentioned
Reply
Where's the bottom? $150 levels?
Reply
papabizz WealthHustler
@WealthHustler, temporary bounce yat 150 levels yes, but long term 30$
Reply
@papabizz, omg :|
Reply
tenzor7 papabizz
@papabizz, lol you are duch z confideng bullshiter. If eth goes to 30, thd rntire crypto market dies. I dont think that ll happen.
Reply
@tenzor7, not to be rude, but please learn english/put more time into your spelling. "duch z confideng bullshiter"????? anyways, im showing you what the case would be if the trending resistance line holds, and hits the supporting trendline next. Ive already indicated that this is a longer trade, and will bounce at each plotted support line before continueing down.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out