The market dropped to the uptrend line 1 and this line now is very important. We have to watch for price action near this line. If the market bounces from the uptrend line 1and moves up, it will be the 1st confirmation for possible trend reversal. The resistance level 200.00 and the downtrend line will be barriers for following upward movement. If the market can break them, we'll have the 2nd confirmation that the market is going to rise. And the 3d confirmation for the upward movement and the trend reversal there will be a breakout of the local swing high. If price moves above 227.00 level, we'll have long opportunity. Also, there is another variant which we must consider in our trading. If price breaks the uptrend line 1, probably we'll see downward movement to the uptrend line 2. This support line will be able to stop and reverse the market. But for confirmation trend reversal we'll need a new breakout of the downtrend line. Only after that we'll have to think about opening long trades. I also would like to remind you that trading on crypto exchanges allows making profit only in long trades. That's why in my posts I focus on long opportunities and entry levels for buying.
評論
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The market broke the uptrend line. Watch for price action near the uptrend line 2.
Thank you all for your interest to my work! I'm very grateful!
NoCode326
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Bulls just need to give up at this point and let it collapse to rebuild. The current price action (meaning in the last hour) is absolutely ridiculous. People are buying at 175ish and repeatedly run into wall at $177. Just let it go. I've rarely seen such stupidity in the trading world. The pain is going to be much worse if you keep trying to climb Mt. Everest with broken legs. Which means those that are trying to go long now with also dump their ETH when it passes through 164...It's just allowing people to continuously short. Don't get me wrong, I love ETH and have been long since $9.00 but it's going to $120. I didn't think it would until we couldn't break $225. The fail at $225 was huge.
RealBroadeningWedge
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@NoCode326, Totally agree. I love my short positions though.
JPTradeCrypto
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@NoCode326, The thing you forget is that BTC/USD is at it's major support line. BTC seems to have a big influence on the course of ETH at the moment. As BTC holds it's support line, i think ETH will as well to some extend. (same goes for other crypto's at the moment)
josephtse
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@NoCode326, It's possible if this doesn't hold support at 100, it could collapse all the way to 50. I actually see that happening. Sorry longs..just based on the symmetry and the known correction in global markets coming this fall, it seems likely that is what will happen. A collapse of all cryptos in September to November time frame. I plan on continuing shorting on bounces to trendline 1, treating it as inflection, and ability or inability to get above trendline 1 will dictate future direction.
pw1257
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"That's why in my posts I focus on long opportunities and entry levels for buying".
I trade crypto CFD's, so more TA focusing also on short opportunities would be nice. A MASSIVE thank you from me for the work you share here!
jar17
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Good advice!! thanks
VishalTR
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Thanks for your inputs ...i really appreciate your explanation. Which i dont see in other's charts. I always learn something new