ETH/USD - Crash update
After the recent crash, it is now important more than ever to rethink the market and find the new trend. This update is here to try to enlighten what could be the way it is now taking.
Plan
- Weekly
- Daily
- Conclusion
- Coming next on my blog
Weekly
Regarding Ichimoku's resistances, they've all been wrecked for now on the weekly graph. But focusing on the EMAs, we can see that the long term bullish/bearish movements have been led by EMA 50 (royal blue). At the moment I am writing this article, price may be seeking to retest the EMA 50 and try to jump again, OR it may be going to retest a massive long term triangle !
The objective to this massive triangle would then be to send the price back to 980 $ !
Daily
Looking only at Ichimoku's analysis, the price just dropped under the cloud which stands as a bearish sign. But the cloud is still not inverted for now.
But when we bring back technical analysis with EMAs, the important interactions are made by EMAs 26 (purple) and 50 (royal blue) on the short term, and 100 (turquoise) on the long term. This time the short term is clearly bearish (no need to be a genius to know that actually...), but the long term EMA 100 is still under the price and may bring support.
Also when we zoom out we can find this resistance zone materialised by the grey rectangle. This brought to light, we must be very careful as into this zone the price may evolve in both directions. This is an uncertainty region where any analysis could be canceled.
Conclusion
All of this brought together, here comes my conclusion for a middle and long term movement :
- On the weekly graph it is likely that the price may fall back to 155 $ which would be triangle's bottom before climbing again
- On the daily graph we can find a resistance on EMA 100 around 180/185 $. If the price manages to rebound on it and climb again to cross triangle's top, it would prove a very strong movement and a fast moving bull market.
- Final long term objective is for now 980 $ using weekly triangle's springboard
Of course those analysis are valid for now and will need to be often actualised to be sure a new movement doesn't show something else. As always I'll keep you updated threw my Steemleo blog and my @CryptoSwitzerland channel for shorts and alerts.
Coming next on my blog
This week I shared a new analysis that has never been before and was about precious metals, mines and how to protect investment and liquidities in time of crisis. You may find the article here : Will crypto follow the precious metals ?. The article was very brief, I didn't receive any commentary on it, but looking at the amount of tips received, I guess you guys are also very interested on this point.
This to tell you that I just created a new channel called @GoldLeoSwitzerland. There will be shared all my articles and other news about investing on the precious metals and the good positions to have nowadays.
The objective of this investment is not to make money as much as possible, but more to grow a long term portfolio with a slower but steadier growth. I hope you will all be interested and I will soon be in touch with you threw my different channels and articles.
Stay up-to-date on the free telegram channel in case of any emergency alert : https://t.me/BlessPatrickCryptoSwitzerland
If you like the articles please don't hesitate to tip as this encourages me to go further and share as much as I can. I am also open to any request on any analysis.
Posted via Steemleo