This could go either way but look how it gets squeezed and compressed between the 200MAs (red / green) on the daily chart.
And they get narrower and narrower as the pressure is building up.
Lets see where this goes.
The green line is the downtrend line coming based of the Weekly chart (from ATH).
This is broken now.
If it now bounces off it and turns that into suport, it would provide a wonderful buy opportunity and a nice run to the upside.
Watch that level and decide based on price action.
MRPH has broken the downtrend line and confirmed it as support multiple times on the 4H timeframe.
check on coinmarketcap, its around rank 500 with Market Cap of $35,794,198, it should not take much volume to make Morpheus Network Moon
Same pattern again. Look at the support on 4h and how it reacted every time.
The last 4h candle closed after touching the support, in the first hour of the new candle it engulfed the whole previous candle.
Volume doesent look too high but this looks like accumulation at that level. Of course it all depends on BTC and so on but when volume comes in this can pop...
Check the 2.73 level and how price reacts there. It just jumped again. Looks like accumulation to me.
We are stuck in that range. If we jump higher and we turn the Weekly candle back to green, we will have a strong Bullish signal.
If we close below 2.73 we could test the uptrend line @ about 2.6 where we also have support and we are above the MAs even on higher...
BTC just touched the 50 Moving Average on the Weekly chart (more relevant) and retracted quickly.
As of now it doesn't look like it has the "umpf" to go above it.
We will see in the next days.
My personal feeling is that the bulls need to regroup at this time as more buying power can be gathered at lower prices.
This is not trading advice, just my personal opinion.
As you can see on the chart, the all time uptrend line in green and the bearish downtrend line since the the last al time high in black.
At this time EOS is testing the green uptrend line. Lets see if it bounces
EOS is being squeezed between the all time uptrend line (green) and the bearish downtrend line since the ATH (black).
Decision time is coming very soon.
Watch the price action closely when these lines are touched and be ready to act.
Buy or sell the breach for a more aggressive trade.
Buy or sell when the line is tested after breach for a more conservative trade.
EOS was the first Coin to make a new ATH (all time high) after the freezing winter lows.
If you take a look, day by day it is trading between a narrower and narrower price rage (under 1$ oscillation daily), for me this looks like accumulating strength.
Today we will have the Evolution Airdrop for all EOS holders, good trigger for the Moon or at least some decent...
The line in my chart is the up-trendline i draw in November which has been tested a few times but never broken since then. I am watching this line since then.
If the market can not recover and will start to close candles on the 4H chart under this line then Ethereum is realy in trouble and you should be ready to buy on the bottom after signs of life.