Cryptocurrency Price Wars Continue: The Ethereum Battle
There's currently a war going on with cryptocurrency prices and each time the bulls (buyers) win a battle the bears (sellers) strike right back. Which side will prevail has us all sitting in suspense.
The Etheruem Battle Saga!
Looking at the chart below you can see the buyers stepped in and rallied ETH at the 280 level. The next longer term target is 368 which is a prior support and the nearest consolidating action we had above current price levels.
This information really isn't new to us and I have discussed it before, but.....
Action Down in the Trenches
When we zoom in to an hourly chart we can see the battles at key price levels that need to be won for the daily price to continue one way or the other.
Looking at the price action on this chart you see I have a line drawn around the 305 level. This level was a prior swing low on the daily chart that we bounced off of as ETH attempted to reverse, but then failed. Since then it has become a pivot point of sorts.
We bounced off it several times and finally pushed through! Hooray, the bulls have one - we are clear to ride higher.
But not so fast! The bears have come with a blitzkrieg and sent price below 305 and barreling back down toward the 280 level.
The price action is nerve racking indeed and that 280 level is a last stand for bulls to avoid much lower prices.
The Battles Continue - Who Will Win the Price War?
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Disclaimer: All info in this post is my opinion and for informational purposes only
Free e-book: ScaredyCatGuide to Knowing What the Heck Bitcoin Is
Disclaimer: All info in this post is my opinion and for informational purposes only
According to your chart, price hit sellers at $320. Price then broke that short term up trendline. You are right on the money, that $280 is the last stand.
Yessssir...that $320-325 area is a clear top on the hourly as well. The ETH I have been holding from 281, I had a sell order to take 1/3 of it at 319 whick luckily got filled so not riding it all back down. Really want that 368 payday though.
very frustrating situation is going :( dont know buy or sell confused
Yes, the price action is frustrating. Also little frustrating you upvoted your comment but not my post :-(
I hate bears :(
Gotta love markets. They find the surest way to destroy accounts.
Consider what will happen if we get up close to 400, then get another low into mid-to-low 200s? Even perma-bulls will find their horns shorn.
Only the strongest of hands and nimblest of traders get through those storms. But even they often come through battered and bruised. By that time, those who got excited 6-8 months ago will be so disillusioned that they'll crap out and likely not get back in until $5,000-$6,000 ETH.
Rinse, repeat...
The best opportunities are when the blood starts getting sticky because there's no more to bleed out...
That's right! When everyone doesn't want something is usually a good time to invest. Which worries me as I don't think we have hit max pain point for people yet.
Hey @timm, not sure if there is a better avenue to contact but my last two posts submitted through timm have not shown up on the mentor website at all. Please let me know if I'm doing something in error. Thanks!
buy low as price nose dives for top cryptos like bitcoin and etherium
Who are these Bears and what better place to keep their money in then cryptos.
Remember to buy when everyone is panic selling and sell when everyone thinks the gravy train will never end. I use moving averages more than price action. This bear market could go on longer but it should turn around soon. Although the last bear market lasted almost 2 years...
Yes, I use MA as well. The 10 period for timing entries and the 200 for longer-term holds, although with that one nothing is a long right now lol
I really think there will be one more drop to $4000-$5000 Then those who bought high after hearing the media say that Cryptocurrency is dead and is going to zero might sell to avoid the possibility of losing everything. After hitting this low then everything will start to go up again and a lot of people who still had bought high will use this opportunity and sell to cut their losses. After this Crypto begins the bull run for the next 5 years or so!
Good analysis....and nice to see you on TIMM.
Thanks! Happy to be in the community.