spelgubbe

Buyers Beware: Market could be in a dead cat bounce

BITFINEX:ETHUSD   Ethereum / Dolar
I think it's good to keep in mind that it's a possibility that the bull market ends and we enter a bear market. A sign we could be in a dead cat bounce would be if price gets close to the previous ATH             (5-10% off) and then stalls and reverses hard.
Komen: If this is not a dead cat bounce I'm expecting eth to continue to the next fibonacci line 1135 usd. The best confirmation for this would be a move above previous all time high, however if one is willing to take on a bit more risk a move above 763 would indicate we are pretty bullish
Komen: at the moment this is looking very bearish
I believe that the highlighted part on the right finds its counterpart in the lower step of the one highlighted on the left, in the 100/200 $ range.
in the new formation the volume is increasing, in the old one it was already decreasing before arriving at the "dead cat bounce".
of course this is just my opinion and as long as there is no confirmation it will easily collapse, it all depends on the btc movements.
+1 Balas
@Loth, so would you say to buy back at that black line near $580? if it should recover a little before tanking again in the bounce? I guess I'm asking if you think it will mimick exactly the same pattern of the first bounce.
Balas
Loth PRO armenhammer21
@armenhammer21, at this moment I can't say nothing sure, because all depends of btc. if btc will clearly revers his short term bear trend, yes, 580 could be a good entry, but if btc will go lower (8k) could be a bad idea buy until correction will be exausted
Balas
Loth PRO armenhammer21
@armenhammer21, if you look at previous top, bear trend started with btc correction in june 12
Balas
@Loth, interesting idea. could be the biggest moon in quite some time
Balas
what do you think now? good time to sell?
+1 Balas
armenhammer21 armenhammer21
@armenhammer21, my bad, didn't mean to comment twice. Forgot I commented here lol
Balas
spelgubbe PRO armenhammer21
@armenhammer21, if it's dipping the horizontal lines are also good for buying in again (maybe look up "fibonacci retracements")
Balas
spelgubbe PRO armenhammer21
@armenhammer21, the thick horizontal lines are good places to put sell orders to take profit.
Balas
are you saying if it trades below that dotted green line, sell?
Balas
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