Ethereum - Double Top at Moving Averages 📈

27 Ogo 2022

Hi Traders, Investors and Speculators 📉📈

Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year. Daytime job - Math Teacher. 👩‍🏫

Across the markets we see rejection at moving averages. On Ethereum, the price is rejected at the 20d moving averages (center of the BBands) in the weekly timeframe. This is significant, because this was an attempt to test resistance. These attempts of testing local resistance often happen towards the end of the accumulation phase. The price being rejected so clearly at this point, shows us that the price will fall lower to the next demand zone, before making another attempt at local resistance. When I look for potential near term targets, I often use multiple technical indicators together. When I look for take profit zones and accumulation zones, I like to use chart analysis such as Fibonacci, support zones and resistance zones. In the chart above, I use the Fibonacci Bollinger Bands together with Phoenix Ascending.

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