This naturally dried the demand and a slow, painful weekend bleed began.
So, where are we now? We have not yet reached a 7 day low, it is unlikely that we will see a 7 day high either. With , demand and volumes dropping - it seems rather a bleak week. But it really doesn't have to be. There is still a glimmer of hope that whales will wake up and will swing the markets once again.
Here are some technicals data: Midway point of 1330 seem to form a strong resistance blocking the price to go up. Unlikely potential highs: 1400 & 1425. The support line is unclear at the moment, in the last 3 days there have been numerous times there was less than $20 between sending ETH into low-volatility no-mans land. Potential lows forecasted at 1255 and 1210.
I was hoping we'd see a rally week and breakout there to ATH or at least a re-test of 1440 area.
Where would you place your stop here, knowing they regularly gun for the stops then back up, creating a bullish candle.
Currently I've set mental stops at 1200 but maybe I should tighten these a bit, in light of demand dropping, low volume.
I don`t think many people were trading this weekend and probably Monday too. So probably no need for stops. What's the point of trading when the price volatility is 2%? Almost no one is selling, almost no one is buying, however, due to BTC price and strong RSI, BOTS are still slowly buying both BTC and ETH. This was a very unusual Monday in deed.