I have analysed the of ETHEREUM , with the best of my knowledge and i am posting the statistics here. Please note that i am learning TA and i am using this article as a log for my progress.
So, without any further ado, let’s get started.
Ethereum has been moving inside the symmetrical triangle since long and is now approaching the end of the triangle(just like many other alts). The outcome of this movement in the triangle can be either break upwards or break downwards. If it becomes , then it’s a good news(for Longs of course!). But if the things go southwards, I do see a good support in the $450-$475 region.
A very strong support lies in the $400-$360 region.
One peculiar thing about Ethereum which i noticed is that, it has been following the same uptrend line since May 2017. This line has been tested a few times in the past and has proven to be a great support from which, the price always rebounded. I see a good possibility that this uptrend line may be retested in the near future and if that happens, this line must hold else things are going to get ugly for Ethereum . On the positive side, ETH must break out of the downtrend line for any good movement.
The lines seem to be converging which will result in a BUY signal.
Note that any kind of massive selling will push these lines away and we will have to wait again for the signal.
Note that, is moving closer to lower band i.e. almost near to oversold region. This may or not be a sign of reversal.
Don't let it fool you that it is about to bottom out. There is still a scope of falling a lot more since the is still not in oversold territory.
NOTE: may remain oversold for some time in a strong downtrend. Think rationally before opening any position. Always have an open mind.
Nothing much to say here, the Williams is showing continued since 28 May, as it is a lagging indicator.
PLEASE READ PART 2 OF THE ANALYSIS. I RAN OUT OF SPACE HERE, SO I HAD TO MAKE ANOTHER POST. IT HAS VERY CRITICAL DETAILS ABOUT THE .
I’ll leave it for you to decide. I am neither shorting nor longing at this moment, i am just sharing this for knowledge purposes only.
P.S: This is not an investment advice, and i am just learning. This is for my learning purpose only. Invest your capital at your own risk.
Those who wish to achieve greatness, never seek for permissions.
They follow what their heart says,
and do what their mind states!
Good luck trading.!