The 4H chart gives us a trend reversal signal based on a bearish divergence. The market could move higher as it had space up to the downtrend line, but as you can see, 147.500 could stop the upward movement. We got 2 swing highs, which form a trend reversal pattern like the double top.
I don't want to use these signals and think about the real trend reversal. I would like to talk about these as signals supporting a possible correction movement. If so, the 1st target is the support zone formed by SMA100, SMA200, and the local uptrend line. The price action in this zone will be very important for further market movement. We should be ready to get a reversal signal and use it for buying. If the price breaks the uptrend line, the downward movement will have the 2nd target at 116.305 support. And what do you expect from the market? Share your ideas below the post.
Disclaimer! This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
I got this news on my FB feed this morning and it was very positive:
newsbtc.com/2020/01/12/gigantic-ethereum-buy-wall-may-be-enough-to-spark-a-parabolic-rally/
I have checked okex, but I don't know this very good. If I see right then someone is buying 10.000.000 of ETH. That is around 10% of total supply.
If it's not fake wall ... well then we can say that this is very bullish :) :) :)
What do you think about this news ?
BR R.