Down ETH goes? 3k? Look out below
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ETH is not looking good these days. I expect to see ETH reach the 3k zone this month, if not in the next two weeks.
Below are my criteria also noted on the chart:
1. notice the rather large wicks on the 4 hour candle happening during rally periods (3 buying periods in a row)
2. The most recent rally is a troubling area where ETH is struggling with the 200 DEMA line
3. All rallies (3 buying periods in a row) on the 4 hour chart are being sold. This is not good.
4. Even though ETH is technically trending slightly up since Dec. 27 crash it is sold strong out of the bands and out of the MAs on every rally
5. Even though there hasn't been a selling rally since Dec 27 2021 the most sold single 4 hours have stronger volume than the best buying hours
6. Even with the buying rallies ETH cannot break the RSI channel
7. ETH also cannot break MACD channel lock although being above signal line while both signal and MACD are above zero
8. Volume on buying rallies have gotten progressively weaker
9. Even though not technically trending down since Dec 27 crash, volume is weak for buying and ETH cannot seem to match the area created by the one selling period/rally created by the RSI histogram despite having three shots at it now.
All told this has been an extremely weak retracement during the last 9 days, if ETH does get some buying pressure soon I believe we will see 3k zone sooner than later.
I am going to link a published idea from @OptimoomFX who is an excellent analyst that I believe has a clear vision of markets, especially crypto because he does not focus solely on it.
As always:
*TRADE AT YOUR OWN RISK*
*MAKE SURE TO SET STOP LOSS AND TAKE PROFIT PRICES TO COVER YOUR BUTT*
And have fun, happy trading my friends.
Signing off,
-Crypto Slayer
Below are my criteria also noted on the chart:
1. notice the rather large wicks on the 4 hour candle happening during rally periods (3 buying periods in a row)
2. The most recent rally is a troubling area where ETH is struggling with the 200 DEMA line
3. All rallies (3 buying periods in a row) on the 4 hour chart are being sold. This is not good.
4. Even though ETH is technically trending slightly up since Dec. 27 crash it is sold strong out of the bands and out of the MAs on every rally
5. Even though there hasn't been a selling rally since Dec 27 2021 the most sold single 4 hours have stronger volume than the best buying hours
6. Even with the buying rallies ETH cannot break the RSI channel
7. ETH also cannot break MACD channel lock although being above signal line while both signal and MACD are above zero
8. Volume on buying rallies have gotten progressively weaker
9. Even though not technically trending down since Dec 27 crash, volume is weak for buying and ETH cannot seem to match the area created by the one selling period/rally created by the RSI histogram despite having three shots at it now.
All told this has been an extremely weak retracement during the last 9 days, if ETH does get some buying pressure soon I believe we will see 3k zone sooner than later.
I am going to link a published idea from @OptimoomFX who is an excellent analyst that I believe has a clear vision of markets, especially crypto because he does not focus solely on it.
As always:
*TRADE AT YOUR OWN RISK*
*MAKE SURE TO SET STOP LOSS AND TAKE PROFIT PRICES TO COVER YOUR BUTT*
And have fun, happy trading my friends.
Signing off,
-Crypto Slayer
Nota
I think I should note that I still will be thinking about this throughout the day and week. It may not seem like it but I would love for this asset and this asset class to succeed long term and reach new all time highs mid term.
I will be looking for any signal that will restore faith in these assets turning around and hitting new ath in Q1 or Q2.
Nota
I should also point out that the market is acting strange, we did not get the retracement after DEC 27 for BTC and ETH as we were waiting for so we could put in more short sells. For now positions on BTC are closed, and positions on ETH are short @3900 with stop loss at 4100 and take profit at 3150.Nota
the 4 hour candle finished in the red, and a new one is beginning, will have a better idea in 4 hours but it looks like eth has pushed through the short term moving averages and may go as low as the yellow line (50 DEMA- which is the dynamic exponential moving average for the last 50 4 hour periods)Nota
I forgot to point out that the 50 dema is lower than the 200 dema which is a very popular and common indicator for bearish or bullish price action, usually the longer term charts are a better place for this crossover strategy. And 200 DEMA is below 50 DEMA on the 1 week as wellNota
momentum is now pushing ETH down, I do think we will see a new local low today
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