Hello guys! So, ETH is moving sideways now, and as I said in my previous analysis, this is the balance between the forces, a natural behavior that we see in any market. If you missed my last ETH analysis, the link to it is below, and remember to follow me to keep updated! Also, I post some interesting stuff on TWITTER, go there and check it for yourself!
Now, just like other cryptos, ETH is trapped in a zone, between the black line and the yellow line, and the bulls and the bears lack the strength to make an actual move. This kind of behavior can be either, an accumulation or distribution, we still don’t know. If it’s an accumulation, then ETH will fly again to our targets (again, check my previous analyses below). If it’s a distribution, ETH will seek further supports, like the pink line or the red line.
Now, let’s see the daily chart:
Today’s candle is pretty bearish, but remember ETH just frustrated a bearish pivot as well (orange lines) and is still trading above the yellow line, above the 21 ema, and far above the black line, so it’s a tough call here. Also, today could be a bearish engulf after a pullback to the lost purple trendline, and that can sink the price down to the red line again, so we must keep our eyes open here! Let’s see the weekly chart now:
The chart here is still bullish, trading above the 21 ema. It seems it did a pullback to the ema after find resistance at the 61.8% fib retracement, and now the price will take a rest, moving erratically or sideways for a while, and it will reflect on the daily chart! Until ETH gather the strength it needs, we must be patience and not panic for the little fluctuations. Se you next week, my friends.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
Now, just like other cryptos, ETH is trapped in a zone, between the black line and the yellow line, and the bulls and the bears lack the strength to make an actual move. This kind of behavior can be either, an accumulation or distribution, we still don’t know. If it’s an accumulation, then ETH will fly again to our targets (again, check my previous analyses below). If it’s a distribution, ETH will seek further supports, like the pink line or the red line.
Now, let’s see the daily chart:
Today’s candle is pretty bearish, but remember ETH just frustrated a bearish pivot as well (orange lines) and is still trading above the yellow line, above the 21 ema, and far above the black line, so it’s a tough call here. Also, today could be a bearish engulf after a pullback to the lost purple trendline, and that can sink the price down to the red line again, so we must keep our eyes open here! Let’s see the weekly chart now:
The chart here is still bullish, trading above the 21 ema. It seems it did a pullback to the ema after find resistance at the 61.8% fib retracement, and now the price will take a rest, moving erratically or sideways for a while, and it will reflect on the daily chart! Until ETH gather the strength it needs, we must be patience and not panic for the little fluctuations. Se you next week, my friends.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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💲💲 Project 5%: + 104%
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💪 Public track record.
