Still new to this but wanted to share my most in-depth chart yet and anxious to hear any feedback. I found it interesting that when this downturn started we formed a bear flag that had it played out, would have taken us all the way down to the previous trend we were on well before people came pouring into the markets back in November. Instead, ETH was able to find support around 918 and form a second bear flag that also found support at 1009 starting a possible new trend. Coming off of the second bear flag, ETH tried to fight the current in the rest of the crypto markets, hitting previously established resistance at 1217 and then finding support along the new trendline around 1047. 1217 has now become a key resistance for ETH. Now that we have bounced off of the new trend line, it is time for ETH to test that resistance again and it seems to me one of two things can happen from there. On the 2nd test of 1217, I expect it to fail and find support again at the trend line, only to bounce off, bust through 1217 on the 3rd attempt and then challenge the ATH in the 1400 range which will then pose a psychological resistance. However, it is also possible that ETH forms another small bear flag on its way to 1217 causing it to fall below the trend line support with the next clearest supports at 1009 and then 918. If that happens, ETH will remain under the strong influence of BTC. On the other hand, if it can bust through 1217 and challenge the ATH, it just might be the leader of the pack as we pull out of this ongoing bear market. Thanks for taking the time to check this out and I look forward to any feedback, instruction, or criticism!
Comment:
I also just noticed that the MACD is setting up for a good crossover and it looks like the RSI at the current 45 historically has given ETH a nice little bounce and push in a bullish effort. Nice set up as we head towards that 1217 resistance. All we need now is a good uptick in volume to attempt a run.
Comment:
I just updated the bear flag that was playing out in this post which decided on a bullish direction sooner than I thought it would. As you can see it does indeed put the target below 1000 which is where we are now. We are going to have to push back up above support to gain bullish footing after this/ Awfully high bear volume right now which is concerning.
