After looking at the chart and trying to make sense of everything that is happening currently within the market - #Wheresthebulls - I wanted to share some thoughts with you guys.
I have color coded it for an easier expression of what my thoughts are, and hopefully so you can follow along.
The Yellow line indicates a possible new trend line - I believe this could be the new line we will be following along, I stated a few weeks back that the market needed to consolidate and find it's new trend - After an eye watering bull run last December, We have had quite a few months of bearish activity, with the odd little jog from the bulls, Yet the bears keep beating it back down. I think we have now found the new trend line.
In order for this to be confirmed, We need to hold the blue line - Which is a Temporary Support - It isn't the strongest support we have as the next support is around $380 - $400.
I have indicated a Top line for trend continuation - "Green" and a bottom line "Red" - This currently shows that we are still in a Bearish market - and it doesn't look like we are getting out of it anytime soon - Unless the blue line holds, which would further strengthen my argument of finally finding our new Trend line (Yellow line).
I think short term (Over the next 2 - 3 days) then ETH will rally up near the top of the green line - Before declining again (Possible short opportunity) - And again - I do not expect it to push lower than the temp support.
If this plays out then I suspect next month could be a good month for ETH - But continue to see abit of sideways action for the near future.
Long-term we are still bearish - However I do think these days will be over within a month or two before we start seeing new buyers - I have no real evidence of this, and it is only an assumption.
Take profits where you can as always - But i strongly believe that we are in a golden area to buy right now - And as always, DYOR before following anyones thoughts.