There's no denying it, we're in a bear trend now. Wont be too long soon before the market capitulates on Cypto (mainly on ETH, LTC, BCH which are very redundant).
That bounce was relief but we're still soooooo far from the bottom of the green channel.
That should be bull's priority to buy there.
I'm charting for a friend. and for my own learning. You can't short Link i think. There's no exchanges that do it. So when market goes down its bear divs not shorting bears.
- RSI Is heavy bearish.
- 5 wave of elliot completed.
I've laid out the points on chart
- RSI suggest bullish divergence
- Volume is swelling
- Price point must break falling resistance to go up even more (and incite fomo)
Fomo'd in @ 0.27 let's see how this goes.
Okay. Imagine BTC and LTC swapped places.
Also imagine the 4hr is a representation of daily.
The current atmosphere feels that BTC under 6k is impossible. its an indestructible support that's full of demand. (its probably not)
And there's plenty of charts from "top traders" that show :
Long term uptrend with enormous prices at 80k eoy.
Compound fulcrums? (Fancy...
It's never a great idea to buy the top of a channel... until a massive green candle somehow pieces through it.
It's also not a good idea to short the bottom of a channel.
Still won't be too surprised to see LTC back at $3 one day.
Let's see if ETH can even come close up towards that target.
I'm not necessarily saying buy here.
But if you are holding bags of ETH maybe you might want to unload there.
TO THE BOTTOM OF THE WEDGE WE'LL GO.
Seems like the whole market on ethereum is in a rut. There's no telling how far we'll fall but once we get weekly divs maybe we can find a reversal on this.
Until then there's really no telling how fall we'll fall.