Is ETHUSD going to change it's trend?
Updated
Hello,
I'd like to share couple of thoughts with you.
At the moment it seems to me that I see two signs of changing ETHUSD behaviour to down-trend:
1. Bearish divergence (which is considered by Alexander Elder the most strong signal in technical analysis) - please look at "a" on the chart attached);
2. The up-thrust accompanied by high volume (please look at the "b" on the chart), which I tend to consider strong indication of market weakness.
In view of the above, I opened the short position. Am I right? I'd be very grateful for any feedback.
I'd like to share couple of thoughts with you.
At the moment it seems to me that I see two signs of changing ETHUSD behaviour to down-trend:
1. Bearish divergence (which is considered by Alexander Elder the most strong signal in technical analysis) - please look at "a" on the chart attached);
2. The up-thrust accompanied by high volume (please look at the "b" on the chart), which I tend to consider strong indication of market weakness.
In view of the above, I opened the short position. Am I right? I'd be very grateful for any feedback.
Note
Some time ago I published the idea about changing the ETHUSD behaviour to down-trend. Many people of trading community were sceptical about it, for they didn't see the reasons listed in my message significant. However, how the land lies now gives me some more evidences of changing the trend: please look at how MACD behaves. Apart from this, BTCUSD (that usually looks like ETHUSD's twin) basically behaves the same way, in spite of the fact that there weren't any bearish divergence on it's MACD chart. I doubled my short position. Am I right?
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