Ive been waiting for this moment to happen, and it finally did.
Where do we start?
Lets look at the basics first.
ETH has been in a downtrend channel for a good while now, as seen on this chart, we just hit that trendline resistance.
The resistance we just hit has been hit many times before, which validates it.
Reason for the pump is leveraged shorts, alot of them were squeezed like lemons in a fancy lemon machine.
Lets look at some indicators.
RSI is normal, stoch RSI is high (bearish), MACD is currently green but can turn red quite quickly after a red daily close.
Dont forget to check this analysis in a few days/weeks, and give me some thumbs up when you see it play out perfectly.
IF the daily close happens under the trending resistance life, prepare your black suits ladies and gentlemen, ETH Is going to sleep.
Where do we start?
Lets look at the basics first.
ETH has been in a downtrend channel for a good while now, as seen on this chart, we just hit that trendline resistance.
The resistance we just hit has been hit many times before, which validates it.
Reason for the pump is leveraged shorts, alot of them were squeezed like lemons in a fancy lemon machine.
Lets look at some indicators.
RSI is normal, stoch RSI is high (bearish), MACD is currently green but can turn red quite quickly after a red daily close.
Dont forget to check this analysis in a few days/weeks, and give me some thumbs up when you see it play out perfectly.
IF the daily close happens under the trending resistance life, prepare your black suits ladies and gentlemen, ETH Is going to sleep.
This is not an financial investment advice, do your own research at all times!