Chart update.
You can see that ETH has broken this 450 support level to the downside and we have selling volume coming in still. It's possible that we could get a bounce back up from here to just under the 450 area, and I would anticipate more downside potential after that to continue to this 300 area.
I am still in the market with my average buy at 533, with a large order down just above 300 to play this out in Martingale Fashion. If you are just entering some buys, enter in a Martingale fashion down to 300. With a larger part of your portfolio below that in case it breaks past the 300 level. Make sure you read up on the martingale strategy if you have not, it's vital in these bear markets! You won't make as much, but you will lose far far less.
For a continuation to the upside, we need a solid break of this 450 level and trend line. From there we would target the larger resistance area around 550.
-Sherem
Happy trading, don't stress, don't use leverage and pick your points!
Check out some of my previous calls -
You can see that ETH has broken this 450 support level to the downside and we have selling volume coming in still. It's possible that we could get a bounce back up from here to just under the 450 area, and I would anticipate more downside potential after that to continue to this 300 area.
I am still in the market with my average buy at 533, with a large order down just above 300 to play this out in Martingale Fashion. If you are just entering some buys, enter in a Martingale fashion down to 300. With a larger part of your portfolio below that in case it breaks past the 300 level. Make sure you read up on the martingale strategy if you have not, it's vital in these bear markets! You won't make as much, but you will lose far far less.
For a continuation to the upside, we need a solid break of this 450 level and trend line. From there we would target the larger resistance area around 550.
-Sherem
Happy trading, don't stress, don't use leverage and pick your points!
Check out some of my previous calls -
Note
Please note the Major RSI divergence on this chart. While I believe we could go down further, this divergence is pretty massive and everything is in oversold territory. A continuation to the downside will only make this divergence more in play. I would imagine a rebound would be hard and fast.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.