ETH must react, or else...
Ok, ETH is still trapped inside a congestion, and in my previous analysis it was between the blue and black line. Today it exploded downwards, and it met its support at the thin red line and the dashed trendline. The dashed purple line may serve as a support here, but we need to see some reaction here, and quick.
Right now it’s doing a clear bullish pattern, and day traders would like this, but if this thin red line is lost, the next support can be seen at the daily chart, let’s take a look:
The black line around $ 191 is the next support, the good news is that it’s close now, but it can’t be lost, otherwise will seek the $ 177 again (red line). I don’t see a bear trend here, and any trade, long or short, would have a terrible risk/reward relationship, so ETH is not interesting to trade right now, and I’ll not even start to talk about the volume again. That’s why we need to see some reaction, and fast, because ETH has the potential to fly, but it must wake up first.
I'll keep you updated, I post here every day, so 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. *
Right now it’s doing a clear bullish pattern, and day traders would like this, but if this thin red line is lost, the next support can be seen at the daily chart, let’s take a look:
The black line around $ 191 is the next support, the good news is that it’s close now, but it can’t be lost, otherwise will seek the $ 177 again (red line). I don’t see a bear trend here, and any trade, long or short, would have a terrible risk/reward relationship, so ETH is not interesting to trade right now, and I’ll not even start to talk about the volume again. That’s why we need to see some reaction, and fast, because ETH has the potential to fly, but it must wake up first.
I'll keep you updated, I post here every day, so 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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