Based on a daily analysis: ETH is in my opinion in a correction phase after finding a good support area around $2410.
The downward trend seems to have accelerated from January 5 since we have more revisited the upper zone of the descending channel.
The averages of the MACD indicator are about to cross, which leads us to believe that the correction is not over.
The RSI indicator comes out of the oversold zone but has not yet met the "downward trend right" materialized on the graph.
In my opinion, a target around $2820 seems reasonable for the current correction ; however, and given the current state of the markets, I tend to think of a continuation of the bearish market to visit the $1780 level.
Let me know what you think!
The downward trend seems to have accelerated from January 5 since we have more revisited the upper zone of the descending channel.
The averages of the MACD indicator are about to cross, which leads us to believe that the correction is not over.
The RSI indicator comes out of the oversold zone but has not yet met the "downward trend right" materialized on the graph.
In my opinion, a target around $2820 seems reasonable for the current correction ; however, and given the current state of the markets, I tend to think of a continuation of the bearish market to visit the $1780 level.
Let me know what you think!
Trade closed manually:
the buying volumes are less and less important... it seems that the peak of correction can be reached...
I closed my position and waited to see the evolution of the price in the evening before going back to the short position.
I will pay attention to the reopening of the CME tonight which will certainly bring the price down...to be continued!
I closed my position and waited to see the evolution of the price in the evening before going back to the short position.
I will pay attention to the reopening of the CME tonight which will certainly bring the price down...to be continued!
Comment:
my impatience made me close the trade too soon, but I have to know how to learn from these mistakes! I therefore come back to this configuration and am waiting to see how the price will react to the encounter with the slant which for me acts as resistance. The moment seems crucial :P