ETHUSD crash almost completed - hold on to your hats
The giant of all crypto, Ethereum, is closing down on major support trendline (red), which I marked many times before in my posts. It’s the trendline which is indicating the beginning of the bull run from last year. It’s the line, where all growth followed. ETH has to reset and move to here, that’s the normal cycle of every assets. Too much enthusiasm and optimism has been involved in the market to early, too soon. The bubble of crypto has burst and new levels has to build up. Only when we complete this reversal, we could indicate a next movement forward. We had many indicators on the way down that were telling us this will happen. I will name just few of them.
I market Head & Shoulder reversal pattern (red) which was completed right above $680 mark. For those of you, who follow me, I also market the same one on Bitcoin on 30 DEC 2017 when we were above $15.000 - indicating, we going to move down to $6000 level. I still stand behind this call. On Ethereum, breaking down from $680 mark, was the last point which indicated we are going to move down big time. I also marked two yellow supports - in between there is big green gap – too much optimism in this gap and it has to fill up with red. We need to move back to the start in order to move healthy back again.
Ethereum has the support zone on $430-$450 level. The price could fluctuate a bit, due to large sell orders, but the support is there for those of you who want to participate on the bounce. A reversal could quickly get us back above $600 level, from there, we need to check new levels to watch – I will follow the trade very closely. It’s not the time to sell now, just relax, ETH is still a great asset to hold. I have seen many markets that crashed, but none did disappear. ETH is here to stay, but market has to reprice it.
I market Head & Shoulder reversal pattern (red) which was completed right above $680 mark. For those of you, who follow me, I also market the same one on Bitcoin on 30 DEC 2017 when we were above $15.000 - indicating, we going to move down to $6000 level. I still stand behind this call. On Ethereum, breaking down from $680 mark, was the last point which indicated we are going to move down big time. I also marked two yellow supports - in between there is big green gap – too much optimism in this gap and it has to fill up with red. We need to move back to the start in order to move healthy back again.
Ethereum has the support zone on $430-$450 level. The price could fluctuate a bit, due to large sell orders, but the support is there for those of you who want to participate on the bounce. A reversal could quickly get us back above $600 level, from there, we need to check new levels to watch – I will follow the trade very closely. It’s not the time to sell now, just relax, ETH is still a great asset to hold. I have seen many markets that crashed, but none did disappear. ETH is here to stay, but market has to reprice it.
Zlecenie aktywne:
We bounced right on the support. Trade is active. I'm targeting $680, but please keep in mind we are still in bear market so any pull back is possible.
