ETH Bearish. Bearish Divergence, long term trends & overleverage
Ethereum has been battling the 50 MA for months. The struggle to break it has made ETHBTC bearish for the short and medium term, which also holds true for all altcoins. This was explained as a long term trend change back in may
ETH has no support below $116. If th 50 MA does not hold on the brief pop above, expect a further bloodbath for ETH as it will find new 2019 lows.
The hidden bearish divergence is made clear by the yellow lines on both price and RSI. Also, leveraged longs overtook leveraged shorts while price steadily decreased for the last several days. leverage is not sustainable price support, i expect further price slides unless we can see some serious price gains without dependance on leveraged bulls to support. Sub $80 prices look near if untested support cannot hold.
ETH support on the 50 MA is also a major sign of bullish confidence, challenging an 8 month long trend .
ETH has no support below $116. If th 50 MA does not hold on the brief pop above, expect a further bloodbath for ETH as it will find new 2019 lows.
The hidden bearish divergence is made clear by the yellow lines on both price and RSI. Also, leveraged longs overtook leveraged shorts while price steadily decreased for the last several days. leverage is not sustainable price support, i expect further price slides unless we can see some serious price gains without dependance on leveraged bulls to support. Sub $80 prices look near if untested support cannot hold.
ETH support on the 50 MA is also a major sign of bullish confidence, challenging an 8 month long trend .