So we have had some strong selling this week and I think the bears are gaining control. Some very bearish signals combining with strong supply zones could mean a drop towards the $700 region. The main cryptos seem to have run out of steam for now and the big boys will look to buy more at a cheaper rate. Let's see how this play out
It seems you are fairly new to Crypto, healthy corrections happen often during a bull market. I'm not saying we won't go down anymore but I think a price target of 794 would be highly unlikely. You could give some strength to your idea by drawing some trendlines, from the previous low at 917 and then 1049. If we crossed below that then I'd consider shorting.
Double-Edge-Trader
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@CountOnCrypto, Since when does a trendline make someone appear experienced? Anything can happen in the market and Im just sharing my analysis. I originally purchased ETH at $6 (2016/2017) so have been through more of a rollercoaster with crypto than most people. Price will return to the marked buy-zone sooner or later
@AlaZakry, Yes sure. Thanks for sharing your great analysis
tradewithdavidfx
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he is absolutely correct... let's wait for smart money moves .. 794 needs to be corrected anyways
Double-Edge-Trader
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@tradewithdavidfx, Price will re-visit 790 region at some point. There is plenty of empty space in the chart which needs to be filled sooner or later!
Double-Edge-Trader
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Everybody wants to hear that Crypto is always going to go up but not too many like to hear the bear version and the reality that prices could crash in a flash. Having been through the bull and bear market from 2017 and 2018, i'm positioned both ways. If strong buy signals start appearing, then i'd change my bias immediately. On the 4H chart above, even though we are in an overall uptrend, we can clearly see the most recent price action is a series of Lower lows and lower highs. Always more profitable to "trade what you see" as opposed to what you want to happen.
ahmed29218
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Had to leave a comment here. Im surprised at how early you called this. Definitely I expect some downside. I don't know how big as the dips tend to be bought up heavily. but it is definitely a matter of time. Id also say to anybody who thinks this is crazy. Just look at the MACD on the 4h chart. We're gonna have a sell signal soon. On the daily we failed to confirm a buy signal on as well. It looks like a dip is coming but obviously long term im an Ethereum bull.