GOING BEAR, identifying support. Let the bull take a rest
As I have posted earlier, the bearish divergence has already appeared but quite uncertain when it will reverse in trend. But the last few days the daily chart has shown weakness. Time for me to bail out for this moment.
Drawing the fib from low to high, you will see the support at various levels. 3k has been a crucial support for ETH as it is a psychological barrier for most of us. Coincidentally, 3k level is at the fib retracement level of 0.236. That will be your first support. But will it be a strong one?
Drawing a few fib retracement, you might identify the strong support resistance. I think the strong support is at fib level of 0.382, which is al 2700-2800 range. Failing that, it will go down to the support at 0.618 level, which is at 2300-2400 range. Those will be my entry point for long term holding.
Personally, I don't think it will go down to 1700 range. If it does, that will be a bonus for me. The truth is I have been bullish in cryptocurrency for years. But identifying the weakness is important in my trade.
Give it a few years, ETH will become the king
I do welcome any constructive comments.
Drawing the fib from low to high, you will see the support at various levels. 3k has been a crucial support for ETH as it is a psychological barrier for most of us. Coincidentally, 3k level is at the fib retracement level of 0.236. That will be your first support. But will it be a strong one?
Drawing a few fib retracement, you might identify the strong support resistance. I think the strong support is at fib level of 0.382, which is al 2700-2800 range. Failing that, it will go down to the support at 0.618 level, which is at 2300-2400 range. Those will be my entry point for long term holding.
Personally, I don't think it will go down to 1700 range. If it does, that will be a bonus for me. The truth is I have been bullish in cryptocurrency for years. But identifying the weakness is important in my trade.
Give it a few years, ETH will become the king
I do welcome any constructive comments.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.