ETH going to $280 and then it will recover.
Updated
We cannot analyze ETH without checking what is happening with BTC. BTC: $6700 which is a double bottom of the price on 02/06, if it falls, which is expected, it will then go to the range $6000-$5500 which is not very strong resistance. If that fails the next stop would be $3100.
Then, let's talk about ETH, and I am showing the 1D chart, as it will show the big picture of what is happening. The price fall yesterday from the long-term ascending line, which is not good at all. We have been going through multiple bear flags since the second half of February. One after the other and at this right moment we are starting a new flag which will take at least until Monday, after Easter holidays are gone and people (big whales) get focus in this again. This flag is having support from $350 which is a support that goes back to the middle of last year.
Please note how out is the RSI plot on the oversold side. This needs to be fixed and the flag will help to do so. Then what, the pole of the flag should take us to $250, only if BTC falls from $5500, but there is a strong resistance at $280 that may produce a shorter pole. Then what? I really believe that if we don't have a real bounce in one of the mentioned resistance levels, this is the point where a new long term EW will start. It will be slow, due to all the uncertainty of this weeks but it will go up.
Definitely $280 is a number to keep an eye on as it might be a huge opportunity to buy for the long term.
Please let me know your thoughts and comments. PLEASE LIKE AND FOLLOW.
God bless you all.
Then, let's talk about ETH, and I am showing the 1D chart, as it will show the big picture of what is happening. The price fall yesterday from the long-term ascending line, which is not good at all. We have been going through multiple bear flags since the second half of February. One after the other and at this right moment we are starting a new flag which will take at least until Monday, after Easter holidays are gone and people (big whales) get focus in this again. This flag is having support from $350 which is a support that goes back to the middle of last year.
Please note how out is the RSI plot on the oversold side. This needs to be fixed and the flag will help to do so. Then what, the pole of the flag should take us to $250, only if BTC falls from $5500, but there is a strong resistance at $280 that may produce a shorter pole. Then what? I really believe that if we don't have a real bounce in one of the mentioned resistance levels, this is the point where a new long term EW will start. It will be slow, due to all the uncertainty of this weeks but it will go up.
Definitely $280 is a number to keep an eye on as it might be a huge opportunity to buy for the long term.
Please let me know your thoughts and comments. PLEASE LIKE AND FOLLOW.
God bless you all.
Note
guys, it is clear that we are building the bear flag that I mentioned yesterday. There is not much to say other than we need to wait until Monday. We might see a bounce up but there is a strong support zone in the $450-$470 range that most likely we are not going to go through. Besides, we will need to break the descending wedge (lime lines).
Let's note the dashed lines that I have in the RSI plot. I draw this one some weeks ago and the trends remain within the lines. We are definitely getting closer to a mayor event.
Note
Hi all, we are still being patient and its happening was I was expecting. Just after yesterday's update I did some hand-drawing of a H&S pattern that I thought might form. Please see the chart. It is actually happening and let's see if we complete the head as expected. If this formation is finished that would be a confirmation that we are falling down through the flag pole. Please note that until this point we are getting higher lows, which is the other possibility and could take us up. This is not the most likely scenario but we need to keep and eye on it.
God bless you all my friends.
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