Ethereum: The money-making part of the story is over?
I personally am not going to trade ETH until the current hard-forking situation becomes clear, but here is an interesting observation - minor, intermediate and major EMAs are currently in one place. It means that ETH price has reached an important consensus and from now on a big move is to be expected. Directional system shows us that the big uptrend is as good as dead now; the question is, is it going to continue? I believe not and here are my reasons:
1) Markets live in cycles and any bull market has to be followed by a bear market
2) Elder's Force Index (which is my favorite volume indicator) shows us that bears were especially strong following the DAO hack event, but bulls were not able to gain such strength afterwards
3) After the all-time high, we've spent as much time being down as we've spent being up (demonstrated by MTPC indicator), which I think means no good for bulls
In the chart, I've demonstrated possible support levels to be broken in case if bears make a move. Of course, it might go up as well, but even if it happens (for which I do not see any technical reason), it is not going to be for a long time.
1) Markets live in cycles and any bull market has to be followed by a bear market
2) Elder's Force Index (which is my favorite volume indicator) shows us that bears were especially strong following the DAO hack event, but bulls were not able to gain such strength afterwards
3) After the all-time high, we've spent as much time being down as we've spent being up (demonstrated by MTPC indicator), which I think means no good for bulls
In the chart, I've demonstrated possible support levels to be broken in case if bears make a move. Of course, it might go up as well, but even if it happens (for which I do not see any technical reason), it is not going to be for a long time.
Comment:
After 18 days, we are still on the same price level. I believe the action point has been reached now:
