Hello guys, hope all good
It's always nice seeing positive and "green" days, especially when it's about the asset your holding. But don't let your emotions fool you.
Eth breaks out the previous resistance (the gray area), suggesting a further upward movement. However, if you notice, we are in proximity to the long descending trend line, in which the price heavily bounced back already 2 times. If we take into account the time, the previous rally lasted approximately 80 days followed by a sharp decline. Past data is not always a reliable tool to predict the future, but it's useful.
Therefore, from a technical analysis POV considering the time as well, the price might retrace because the rally has been up for 80 days and it is in close proximity to the descending major trend line. If you are a long-term trader, I would suggest that you hold. But if you are a short-term trader, I would suggest you sell and find a better buy opportunity, which in this case it could be around 240euro.
If you enjoyed my analysis, make sure to hit the like button :)
I would welcome any thoughts/comments. We learn from others!
Cheers,
Sebastiano
It's always nice seeing positive and "green" days, especially when it's about the asset your holding. But don't let your emotions fool you.
Eth breaks out the previous resistance (the gray area), suggesting a further upward movement. However, if you notice, we are in proximity to the long descending trend line, in which the price heavily bounced back already 2 times. If we take into account the time, the previous rally lasted approximately 80 days followed by a sharp decline. Past data is not always a reliable tool to predict the future, but it's useful.
Therefore, from a technical analysis POV considering the time as well, the price might retrace because the rally has been up for 80 days and it is in close proximity to the descending major trend line. If you are a long-term trader, I would suggest that you hold. But if you are a short-term trader, I would suggest you sell and find a better buy opportunity, which in this case it could be around 240euro.
If you enjoyed my analysis, make sure to hit the like button :)
I would welcome any thoughts/comments. We learn from others!
Cheers,
Sebastiano