Is ETH heading towards a new low?
Hello, thought I would publish my first technical analysis as a newbie in this space. So without further ado lets take a look.
Looking at the daily chart we see a shooting star form on Dec 24th. This can appear after a bull run signaling a reversal in the market. Here we close any long positions or begin shorting the market. To support the bearish move we have other indicators giving signals of a reversal through the downward momentum in the RSI and MACD. Daily volume has dropped and our candles are red showing lower highs meaning we shall see lower lows sooner then later. Not to mention we just dropped near 20 billion dollars in market cap. What happens next is a journey southward to test our support lines.
The question is, are we going to break support and go back into double digits? Imo, I think sentiment is low and we will possibly go further down seeing a new bottom. I know many are bullish because there has been a turn around of late with volume yet it is a pattern of the past. We get excited and it dies out quickly to form new lower highs and lower lows.
On a positive note, here is food for thought.
"Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell." - Sir John Templeton
Are we going to maximum pessimism or euphoric. You decide.
Cheers!
Looking at the daily chart we see a shooting star form on Dec 24th. This can appear after a bull run signaling a reversal in the market. Here we close any long positions or begin shorting the market. To support the bearish move we have other indicators giving signals of a reversal through the downward momentum in the RSI and MACD. Daily volume has dropped and our candles are red showing lower highs meaning we shall see lower lows sooner then later. Not to mention we just dropped near 20 billion dollars in market cap. What happens next is a journey southward to test our support lines.
The question is, are we going to break support and go back into double digits? Imo, I think sentiment is low and we will possibly go further down seeing a new bottom. I know many are bullish because there has been a turn around of late with volume yet it is a pattern of the past. We get excited and it dies out quickly to form new lower highs and lower lows.
On a positive note, here is food for thought.
"Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell." - Sir John Templeton
Are we going to maximum pessimism or euphoric. You decide.
Cheers!
Nota
Successful call. Savings of 24%
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.