As you can see, we failed to make an inverse held and shoulders as we were coming up and the top light green major trend resistance line held and we broke downwards through the blue support line. As of writing this, we were currently testing the middle light green trend line as a resistance ceiling but we failed and are now coming back down to $800 to test again. If this holds, we should see a bounce back around $832. If not, the next two support zones are located at $791 and $781. Don't get too greedy and place your buy order a few dollars in front of huge buy walls or your order won't get filled and you will miss your opportunity. What's a few dollars when you've nearly nailed the bottom? It might cost you more than a few dollars if you end up missing it too.
If the two support zones do not hold, then look towards the lowest major light green trend line towards the low $700 ranges. STOP THINKING OF WHERE YOU WANT IT TO GO, BUT WHERE IT MOST LIKELY COULD GO. Everyone be careful. If you're unsure, just wait to see what happens. Most successful traders that I even follow have lost money in the past week because everyone thought the prices of BTC would climb to $12,000. Although we are not looking at a BTC chart here, but both BTC and Ethereum have similar charts. Good luck everyone!
If the two support zones do not hold, then look towards the lowest major light green trend line towards the low $700 ranges. STOP THINKING OF WHERE YOU WANT IT TO GO, BUT WHERE IT MOST LIKELY COULD GO. Everyone be careful. If you're unsure, just wait to see what happens. Most successful traders that I even follow have lost money in the past week because everyone thought the prices of BTC would climb to $12,000. Although we are not looking at a BTC chart here, but both BTC and Ethereum have similar charts. Good luck everyone!
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Different roads, same target
Different roads, same target
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So instead of going back up, we ended up touching the blue support lines I drew.
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Some food for thought.
Here's the thing. A lot of these famous trend analysts have been getting it wrong this week, including myself. What we have to think is, how much faith will you put into somoene's TA before learning it properly on your own? There's really two main outlets right now that does TA, that is Trading View and Twitter. And only a handful of people on the two platforms are recognized chartists in the cyrpto community. Each having tens of thousands of people following them.
Some may say that the cumulative crypto wealth of their followers are not enough to move the market's price, but is it really the truth? Where's the proof that it doesn't or it does? And whose to say that some of these folks don't gather behind the scenes to move a price in a certain direction for their own benefits? There's only a few of them in comparison to the tens of thousands of us. Really only a handful. It only takes a simple direct message to get some of these "online whales" to market a price in a certain direction.
I'm not saying this is what I believe in, but I hope that you can make judgements for yourself when it comes to any thing you encounter. But the profits of collecting even .2 Ethereum can benefit that whale a lot.
For example. If the price of Ethereum 2 weeks ago was $900, and it went down to $800, you sell at $900, and buy in at $800. by the time it comes back up to $900, you have $1,012.5. And these are people who are constantly buying everyday in and out. People making thousands of thousands while some of you, well, are just trying to make $20 a day or somehow break even.
Here's the thing. A lot of these famous trend analysts have been getting it wrong this week, including myself. What we have to think is, how much faith will you put into somoene's TA before learning it properly on your own? There's really two main outlets right now that does TA, that is Trading View and Twitter. And only a handful of people on the two platforms are recognized chartists in the cyrpto community. Each having tens of thousands of people following them.
Some may say that the cumulative crypto wealth of their followers are not enough to move the market's price, but is it really the truth? Where's the proof that it doesn't or it does? And whose to say that some of these folks don't gather behind the scenes to move a price in a certain direction for their own benefits? There's only a few of them in comparison to the tens of thousands of us. Really only a handful. It only takes a simple direct message to get some of these "online whales" to market a price in a certain direction.
I'm not saying this is what I believe in, but I hope that you can make judgements for yourself when it comes to any thing you encounter. But the profits of collecting even .2 Ethereum can benefit that whale a lot.
For example. If the price of Ethereum 2 weeks ago was $900, and it went down to $800, you sell at $900, and buy in at $800. by the time it comes back up to $900, you have $1,012.5. And these are people who are constantly buying everyday in and out. People making thousands of thousands while some of you, well, are just trying to make $20 a day or somehow break even.
Will it break resistance or come back down?