Hi Traders, Investors and Speculators 📈📉
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year. Daytime job - Math Teacher. 👩🏫
The markets are overwhelmingly bearish, with talks of global recessions imminent. From a candlestick analysis, we see a double top formed on Ethereum from the weekly timeframe. We have already tested the support zone of the lower turquoise Bollinger bands, finding insufficient buying pressure and the sellers took control of this zone. This means the price will drop lower to find a demand zone where the price can bounce. A likely target is halfway between the Turquoise and Orange Bollinger band, around $950. This could make for an excellent swing trade, short to $950 and then Long on the support zone up to $1100 area, which will then be the new resistance zone.
On the technical indicators, the EMA points to an overwhelmingly bearish short term, so a flash crash could be on the cards soon. The RSI is also bearish, with a value of 30 and dropping on the weekly.
It was hard to label this post "long" or "short" because there is an opportunity to do both within the coming weeks.
Interested in ADAUSDT? Check out this idea :
I hope you enjoyed this post today! Please give us a thumbs up 👌
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CryptoCheck
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year. Daytime job - Math Teacher. 👩🏫
The markets are overwhelmingly bearish, with talks of global recessions imminent. From a candlestick analysis, we see a double top formed on Ethereum from the weekly timeframe. We have already tested the support zone of the lower turquoise Bollinger bands, finding insufficient buying pressure and the sellers took control of this zone. This means the price will drop lower to find a demand zone where the price can bounce. A likely target is halfway between the Turquoise and Orange Bollinger band, around $950. This could make for an excellent swing trade, short to $950 and then Long on the support zone up to $1100 area, which will then be the new resistance zone.
On the technical indicators, the EMA points to an overwhelmingly bearish short term, so a flash crash could be on the cards soon. The RSI is also bearish, with a value of 30 and dropping on the weekly.
It was hard to label this post "long" or "short" because there is an opportunity to do both within the coming weeks.
Interested in ADAUSDT? Check out this idea :
I hope you enjoyed this post today! Please give us a thumbs up 👌
_______________________
📢Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎Hit like & Follow 👍
We thank you for your support !
CryptoCheck
