Mirroring my BTC chart comment, ETH is also still in the downtrend channel, just bouncing down off the top downward trendline. I expect price to test around the 625 level which is resistance from both the 200 EMA and 4 touch points on a trendline that started before the big rise in price.
By my system I look at the 12 EMA (Blue), 36 EMA (Red) and the 200 EMA (Red). Generally if price is above the 200 EMA in my system, then the big picture is looking long, so in a sense this is just a huge correction in a generally "long" setup. So to clarify when I'm calling this a downward trend channel, I'm referring to this big correction coming down as the downward trend channel.
This is all good for me as for cryptos I'm looking to buy and hold certain picks based on technology and other factors vs. my Forex trading where you can ride the waves in price action long and short.
Thus I'm hoping ETH as well as BTC drop and hit some bottom so I can put my money in since I missed the first run up. Without my charting I might have put in money at top prices and have to sit tight watching these huge corrections which would be nerve wracking no matter how much I try to keep emotions out of this stuff.
By my system I look at the 12 EMA (Blue), 36 EMA (Red) and the 200 EMA (Red). Generally if price is above the 200 EMA in my system, then the big picture is looking long, so in a sense this is just a huge correction in a generally "long" setup. So to clarify when I'm calling this a downward trend channel, I'm referring to this big correction coming down as the downward trend channel.
This is all good for me as for cryptos I'm looking to buy and hold certain picks based on technology and other factors vs. my Forex trading where you can ride the waves in price action long and short.
Thus I'm hoping ETH as well as BTC drop and hit some bottom so I can put my money in since I missed the first run up. Without my charting I might have put in money at top prices and have to sit tight watching these huge corrections which would be nerve wracking no matter how much I try to keep emotions out of this stuff.