My magic yellow line still looks amazing after two weeks, I'm impressed.
But it looks like this may be a bear flag in the making. The current channel was tightening until earlier today. Now just a steady wide channel. The tightening looked like it was getting ready for a move in just a few days. Now who knows? Not me....
Drawing a loooong term trend line back to Feb 2017, shows ETH effectively at that level.
Does ETH care about that line? I'd like to ask it, but I don't think I'm willing to ask it with my money with all of the indicators as negative as they are.
RS, Stock Osc, W%R all at lower than low levels. MacD showing no sign of leveling off right now. ETH at the very bottom...
The yellow lines of support/resistance go back to December and February where they seemed to be quite real.
Let's see if that holds true for this descent.
Presumably the next breakout will be down. Maybe ETH will test the top of the channel before it does. How hard it gets rejected may indicate how far/fast downward it will go.
Then again, maybe the moon is...
Warning: Amateur at the Controls!!
It seems to me that ETH is taking the grand staircase down the same way it came up.
Looking at the descending channel, I'd expect the next step down to be in the next week (by 3/20) and maybe as low as 450.
With that said, you should probably buy now, because I am ALWAYS wrong....
Admittedly these are short term trends but I like the direction they are going.
I'd expect ETH to come back down to the bottom of the latest channel in the next day or two but hopefully it will bounce off the new bottom.
Just wondering if ETH is could possibly give up all of the crazy gains from the last 4-months or even 1-year.
There is an odd convergence of the two around $370.
Don't look at me, I have no idea... I'm just sayin', the pretty blue lines cross at some point and we seem to be mostly racing towards them.
I predict doom! (that just seems easy right now, and I need a win since I don't know how to sell short....)
Based on absolutely nothing other than my looks.... I'm predicting that we will see a day and a half of ETH moderate gains as it bounces in a short channel and then a drop as we have been seeing for the last seven days.
Seriously I'd appreciate any pointer...
1) I am clueless
2) I just lost a lot of money (never ever ever ever follow my lead in any form of investing! In fact you should do the exact opposite of what I do and you will probably be rich in a short amount of time)
3) I have no skills in TA
4) It seems to me that I've seen this short term pattern before. Could we reasonably expect to see ETH back up to 1300...