Yes, this is a CONGESTION.
Hello investors! Ok, ETH is doing some bearish movement too, and there are some interesting things to point out here. First, ETH failed in trading above the green line at $ 209, which is an important level to look at – the same level where I booked my profits from our previous trade, link to my latest analyses are below.
The good news is that ETH is trading above this black line around $ 202, which is another important level where the price struggled a lot in the past few days, and if the bulls are serious, they must keep the price up above this blue line. Then we may see a retest of the green line. On the other hand, if it loses the black line, it will seek the red line, or even the pink line at $ 191. Now, let’s see the daily chart:
We see that ETH is not bearish, it’s inside a congestion, and the price could explode up or down. I drew another trendline (purple) that may hold the price, this is not definitive yet, so let’s see in the next few days. I admit this low volume bugs me. In any case, ETH is just in the middle of the congestion, and we should wait for a retest of a support or resistance before any decision.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
The good news is that ETH is trading above this black line around $ 202, which is another important level where the price struggled a lot in the past few days, and if the bulls are serious, they must keep the price up above this blue line. Then we may see a retest of the green line. On the other hand, if it loses the black line, it will seek the red line, or even the pink line at $ 191. Now, let’s see the daily chart:
We see that ETH is not bearish, it’s inside a congestion, and the price could explode up or down. I drew another trendline (purple) that may hold the price, this is not definitive yet, so let’s see in the next few days. I admit this low volume bugs me. In any case, ETH is just in the middle of the congestion, and we should wait for a retest of a support or resistance before any decision.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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