Are we in an uptrend or downtrend? We're at a fork in the road
We've been in an uptrend that broke on the 8th of May and we've been in downtrend that's only slightly steeper since.
The trend channel resistance was tested on the 15th of May and we're heading back towards the resistance now.
We've also bounced of a new trend channel that looks like it might be forming which may confirm an uptrend that is less steep than the previous one.
My estimation is that we have two ways to go, continue with the downtrend with the head and shoulders pattern confirmed also if we break down below 660...
We are at similar levels of long short percentage 30-35 to when we had the big January/Feb crash
OR
We breakthrough the downtrend channel and confirmed at above 740, continuing with a less steep trend.
As I said previously I'm out of all crypto for the moment, sitting in cash as I think we're going back down to 400 - 500 for ETH or a general 25 to 40% retracement for all crypto
The trend channel resistance was tested on the 15th of May and we're heading back towards the resistance now.
We've also bounced of a new trend channel that looks like it might be forming which may confirm an uptrend that is less steep than the previous one.
My estimation is that we have two ways to go, continue with the downtrend with the head and shoulders pattern confirmed also if we break down below 660...
We are at similar levels of long short percentage 30-35 to when we had the big January/Feb crash
OR
We breakthrough the downtrend channel and confirmed at above 740, continuing with a less steep trend.
As I said previously I'm out of all crypto for the moment, sitting in cash as I think we're going back down to 400 - 500 for ETH or a general 25 to 40% retracement for all crypto
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We're at 658, looks like we've broken the uptrend... next stop 640?
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So it seems like the general crypto space is looking for some news to steer it into an uptrend or downtrend,
It's just playing with us at this stage haha,
Looks like the slight uptrend channel has grown larger and we're either bouncing off the bottom now or we're going to break through it into a proper downtrend.
It's just playing with us at this stage haha,
Looks like the slight uptrend channel has grown larger and we're either bouncing off the bottom now or we're going to break through it into a proper downtrend.
Comment:
Looks like we're back into the downtrend, now will it go further and stay in the downward channel?
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Looks like we might get to the 590-620 pitstop zone if we keep going down, It's quite relaxing sitting in cash haha