MagicPoopCannon

Ethereum — Not Going To The Moon Just Yet! (ETH)

BITSTAMP:ETHUSD   Ethereum / Dollar
Hi friends! Let's take a look at the current MONSTER of the crypto world — Ethereum! I've gotta do it people. I know many of you don't want me to, but I've got to leave that weird head and shoulders pattern up on the chart. I want to take it down, I really do, but until we see a sustained breakout above the previous resistance, I can't do it. Looking at the chart, you can see that it did break above the previous high, but there hasn't been any follow through or conviction. Additionally, we can see that the MACD is rolling over, showing a potential shift in momentum. Also on the MACD we can see that it is forming a negative divergence. This is when price action is making higher highs, while the MACD is making lower highs. It is an indication that the current move is unsustainable, because of decelerating momentum. Volume has also fallen, which is indicative of exhaustion in this push to a new all time high. You know, when I look at the crypto space right now, I'm seeing some common themes. There are a couple of nice looking breakouts happening, like in Litecoin, and then many of the other cryptos have these sort of weak breakouts occurring. That doesn't bode well for renewed bullishness. Getting back to Ethereum             , I still have to say that it's building a strange head and shoulders pattern, until I see a sustained breakout above the head (previous resistance.) Many traders place their trades too early, and they don't wait for confirmation — an amateur mistake. Mistakes such as that, can destroy your entire investment portfolio and more. This is a dangerous game everyone. We need to be very sure of ourselves. This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! =D Please follow, like, comment, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-
50 sma on daily ?
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Support ?
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Good analysis so far my friend! appreciating each of these posts more and more. Keep us updated. If ETH falls, where do you see the support?
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Lol
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