Max Pain Approaches, But How Low Can We Go? for BITSTAMP:ETHUSD by CryptoSyphn

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As stated in my last Chart a few months back, we are finally approaching the 2-week 100 Simple moving average. This moving average has historically acted as a magnet & major support for the market for the last 5 years. It would make logical sense that we see the same thing happen again. I see many calling for a $12K bottom, which is entirely possible, but we'll see if this 100SMA can continue to act as major support for the crypto markets again. Remember... Stay level-headed, be logical, and don't follow the crowd.

Comment:

I'm very pleased the price respected the support levels I have laid out, but I fear they 'might" not continue to hold. We can absolutely rally from here and break the large overhead resistance at $22K from here, but I have strong suspicions this $18k support level will not hold. If we see a daily close below $18.4K we could see the start of a large sell-off down toward $14k and even as low as $11K. We await the market to show its hand.

Comment:

One last thing I forgot to mention, if we do get a large sell-off, I will be looking for large amounts of capitulation volume to mark the bottom as indicated by the arrows in previous bottoms.

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