As usual .. I am correct. lol... The amount of trolls that I got for this post were astounding.
These trolls were likely people who bought at the very top and are emotional. These trolls tend to not have any charts posted of their own as well... I hope that these people learned their lesson and are making better decisions with their money... Enough of that.
I've personally put ALL my assets onto cold storage and waiting for price to recover all those big pumped green vector candles that our good friends, the market makers have kindly sold to all those traders that bought using leverage...so their essentially in a loss on those contracts they agreed to. This "pre covid" line , imo, applies to all the coins that...
Ethereum (ETH) / Great British Pounds (GBP)
1 week time frame
HEAD & SHOULDERS PATTEREN
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It's all about accumulation and distribution. Does the correct price level look like accumulation? I do not think so.
Look for accumulation patterns off of old order black/demand zones. See where the high stopping volume areas are and evaluate/analyse from there. Patience is extremely important in crypto. if you are lookiing to hold long term and get in at a...
Back on the daily here, this is why I feel we have more room downside, still awaiting test of major supports across a handful of other crypto instruments, BTCUSD has already broken downside and retest.
£1300 is indicated as major support. From here we could look for consolidation/corrections.
Same stands for ETH. We are a little clearer here with regards to trading zones. But we are really looking for some volume if we are looking to trade this pair, or happily sit on DCA entries for long term investments.
R/R ratio 1.56.
EMA 21 moving down to touch EMA 50 1D.
RSI close (yet still above) midline. It had crossed the signal line about 1.5 hrs before.
MACD crossed top-to-bottom the signal line (~40 min ago), trending down.
Again, another setup taken from last week, higher timeframe daily candles take a little longer to unfold, obviously. However, new week, it's important to highlight the full watchlist from the start and follow through what unfolds as expected!
More aggressive selling pressure on ETH as compared to BTC. Hopefully we see a bounce from £2300 up towards...
Very much the same investing stance on ETH as we have on BTC. We are looking for these daily support trading zones where we can look to average our entries to increase our position size.
The first support region (DCA entry point) would be £2350 ish, or as low as possible around the support region, you'll note we dipped to £2300.
A break beyond this...