Be or not to be? Or in the cryptos world - what is the technical analysis worth when whales decide to party? Yesterday's market took many U-turns due to a handful of traders spoofing the market with 30-150m USD so-called "Pumps and Dumps". It is unclear if it has totally changed the declining pattern of cryptos at the mid-way point. At the time of writing, technical data indicates the possible highs of 1355 and possible lows of 1185. There seems to be unusual support formed at 1220 and if the market manages to break below it again, ETH may drop to 1150.
Comment
⋅
According to technical data the pattern is switching from Neutral to Long, with a shift of 2 sd to form a new forecasted high at 1410
@ahmed29218, thanks for your comment.
All good here, people following my forecasts reported closing shorts with good profit yesterday. However, the market pattern is disrupted therefore today's TA is less useful until the dust settles.
roryh86
⋅
Not really that unusual. the bounce happened at the 61.8% retracement of Jan 21 low ($1040) and Jan 24 high ($1480). Looking at the 4H chart, the 1230-1260 zone is a clear area of resistance where price has tried to stay above. Yesterday's trading in that zone clearly shows price wants to stay above, and it's needed if ETH is to go higher.
DataMoney
⋅
@roryh86, thanks for your comment.
What makes you say that? ETH is quite far from 1040 and even if resistance zone would be at 1230, what good does it do? Unless you have strong data to forecast a sharp drop to 1230 from 1360? In this case, please ping your data here. I am sure a lot of people could profit from such a sharp drop if that actually would happen 😁
Either way, since 25th of Jan the pattern should be declining and should not have a hard bounce before it would reach 1150-1050. That is - if whales wouldn't crash the party. At the moment I would say sit back and enjoy the view until it is clear what will happen next 🍸🍸🍸
roryh86
⋅
@Dovydas_M, sorry mate I think maybe you misunderstood me. I was trying to say that it's not really unsual than we got a bounce on 1220. Because the 1240-50 zone is an important area, so it was a fake breakdown and price reached 1220 (61.8% fib retracement) but too many buy orders sent the price back above 1250. So when we closed above 1250, this is important for going back to 1400+ and reattempting to break ATH again. I'm not saying the price is going down, I'm saying the opposite haha. That we probably going to 1400+ and we will see if it can close daily above 1440 then we should be going to 1500 and beyond.