The crypto market has had a rough month, and it doesn't seem to be getting any better.
This is just a quick analysis I drew up after watching the market today.
When we look at label 'A', we can see bearish divergence, with a higher high for ETH/USD, but a lower high on the WaveTrend. This is the first sign that tells me that the bull run is losing steam.
Next, we look at the green circle label '1' and green circle label '2'. At label '1' we see the price cross below the VWMA30, and break through previous resistance around $1,230. After crossing the VWMA and breaking previous resistance, the price breaks through multiple key price levels, finally rebounding at $750.
When we look at green circle label '2', we see that a similar pattern is being formed. The price has crossed below the VWMA30, and broken through the support level at $950. Although the following candle closed above $950, unlike at label '1', the bears are still looking strong.
I believe that if the price cannot rebound and break the downward trend line we will see price targets of $850, then $750 and finally $675.
If the price does rebound and the downward trend line is broken, I think we will see the price test $1,100.
This is only the second analysis I have published, so please feel free to share your opinions, they are appreciated.
Updates will be made as we make it through the week.
ETHUSD
This is just a quick analysis I drew up after watching the market today.
When we look at label 'A', we can see bearish divergence, with a higher high for ETH/USD, but a lower high on the WaveTrend. This is the first sign that tells me that the bull run is losing steam.
Next, we look at the green circle label '1' and green circle label '2'. At label '1' we see the price cross below the VWMA30, and break through previous resistance around $1,230. After crossing the VWMA and breaking previous resistance, the price breaks through multiple key price levels, finally rebounding at $750.
When we look at green circle label '2', we see that a similar pattern is being formed. The price has crossed below the VWMA30, and broken through the support level at $950. Although the following candle closed above $950, unlike at label '1', the bears are still looking strong.
I believe that if the price cannot rebound and break the downward trend line we will see price targets of $850, then $750 and finally $675.
If the price does rebound and the downward trend line is broken, I think we will see the price test $1,100.
This is only the second analysis I have published, so please feel free to share your opinions, they are appreciated.
Updates will be made as we make it through the week.
ETHUSD