A lot going on in the above 1-day chart following the 80% correction since early March and oversold condition (orange columns).
Why bullish?
1) A ‘incredible buy’ condition now exists. I use good, great, and incredible conditional alerts. Incredible alludes to a signicacne upside move in the near future - look left.
2) Price action breaks out of resistance and confirms support. (Blue line)
2) Price action makes impulsive move to the upper side of the Bollinger Band - bullish.
3) Price action tests support on (2 - pink line), which is also on the golden ratio 0.618
4) Oscillators are printing higher lows just as before. Look left.
5) Perhaps the most significant bullish signal is this orange line of support and resistance. Look left. Below is the 1-day chart from 2017. Yes, that’s the same line! You can see what happened after price action confirmed support here.
6) lastly the weekly chart (bottom), Stochastic RSI crosses up 20. Following the support test of the orange line. What more needs to be said?
Good luck!
WW
1-day chart testing support in 2017
Weekly chart
Trade active
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looking excellent
Trade active
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no worries here whatsoever. On the 3-day chart below price action is on support - be patient.
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resistance on the 2-day chart appears to have broken out
@baderalabdli, Be patient - multiple buy signals on the 1-day chart. The probability of a upside move is high.
ricardo_santos
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Although from a TA perspective this makes sense, I am a bit conservative on the fact that ETH is entering a technical Bear market, which can have a big negative impact on the other cryptos, such as XEM.
What is your vision @without_worries on the possible negative impact from it?
For people who understand what I’m about to say, those people are the ones who will make life changing wealth. Financial independence is the reason why we’re all here. That means leaving emotions behind.
Most folks compare Bitcoin against USD. Alts against USD. A lot of people compare ALTs against BTC. How many compare their ALTs against ETH? I do. Or ALTs / BNB for that matter (excellent choice in a BTC bear market).
Below is the daily chart of XEM / ETH
You can see the circled areas where pink becomes green shaded areas (that’s my own script not publicly available), the point is those crossovers show imminent rotation is about to occur.
Back to your question “what is the possible negative impact from it?”
None whatsoever. In fact, even if you don’t want XEM long term, this is an excellent opportunity to double / triple your Ethereum holdings. Who does not want that?