botje11

ETH bull trend gone for now. Retest or bear trend

BINANCE:ETHUSDT   Ethereum / TetherUS
Like all the alts ETh also took a very big hit past week which is not normal for a bull trend. This wave down was bigger that the waves up almost. Not in %, but still, it should have never been this big. So what is very likely now, very small chance to see ETH simply recover this huge blow and go back to high 2xx levels again. Think best case we consolidate between 180/250 for a weeks and prob even month or 2.
If we see a quick move above 240ish coming days, than this theory might be wrong. Until then, i would not expect too much from ETH.

On the right we can see it moving against a trend line . The longer it bumps against it the bigger the chances become that it will break up. With Bitcoin moving in a triangle has been good for alts past 2 days. But can't judge if it's false hope or not.
However, even if it breaks up, still a very big chance it will be a fake breakout. I think this, because as mentioned above, the market, alts actually, took such a big hit, i don't see buyers simply go long on sit on it.
So short term it looks like it want's to break up, but i am not expecting that much from it at this point. A break of 212 would make things shaky again and a break of 210 would probably invalidate the attempt to break that trend line . On the upside seems to be around 220.



Previous analysis:
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Breakout it was :) Great call man!
We're up 23.89% on this short and watching to see what might happen next. We still show a lot of bearish momentum in the market so it will be interesting to see where we are Monday. Have a great Friday guys!
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Check your TG messages :-)
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botje11 GRIPSTER27
@GRIPSTER27, Just did, thanks :)
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There is no OR

There is (spot on) or no @botje11

Thank you for the efforts to point traders in right direction.

Regards from Serbia.
+3 Reply
Hello,

Just wanted to say Thank You!
For All your hard work!

Thank you!
+1 Reply
botje11 nascha32
@nascha32, Thank you, appreciate it :)
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The phrase "...should have never been..." Doesn't not belong in any trader's vernacular.

Reminder... The market will do what it does; not what we 'think' it 'should' do.

Cheers.
+1 Reply
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