EthereumUpdated ETHUSD - Downtrend Clusters Shed in Dec. & Jan. Rallies
ETH Facing SMA 50, 100, and minor downtrend line. Let's take a step back and take an interesting look at the Major Cluster of Downtrend Lines on a Daily Scale from the beginning of the Bear Market that were overcome in the December & January Rally.
The December Bull Rally could have been more significant than perceived. Has ETH declared its Bottom?
One of the larger cluster convergences from the downtrend lines would indicate that the November drop could also have had significant importance.
To date, we can see the trend lines are starting to shift upwards, as the December rally battled through a number of them, and highlighted the present one that ETH Bulls are facing at the Daily SMA 50, and 100 - which correspond with the present key downtrend line (and one of the last ones for a while). ETH does presently have the support of Daily SMA 20
A turn down or correction from the Daily 50 and 100 SMA doesn't appear to be catastrophic unless the $100 level is broken. Even then, a double bottom $83 and the psychological weight of the previous December rally may surely catapult or fully declare a bottom if it hasn't already.
However, trend lines do disappear, once broken - so this may not in any way be predictive or useful as it is interesting. Judge for yourself, and come back later to take a look.
Good luck, Traders! May you find yourself on the profitable side of it.
Daily Overall Downtrend Outlook:
The December Bull Rally could have been more significant than perceived. Has ETH declared its Bottom?
One of the larger cluster convergences from the downtrend lines would indicate that the November drop could also have had significant importance.
To date, we can see the trend lines are starting to shift upwards, as the December rally battled through a number of them, and highlighted the present one that ETH Bulls are facing at the Daily SMA 50, and 100 - which correspond with the present key downtrend line (and one of the last ones for a while). ETH does presently have the support of Daily SMA 20
A turn down or correction from the Daily 50 and 100 SMA doesn't appear to be catastrophic unless the $100 level is broken. Even then, a double bottom $83 and the psychological weight of the previous December rally may surely catapult or fully declare a bottom if it hasn't already.
However, trend lines do disappear, once broken - so this may not in any way be predictive or useful as it is interesting. Judge for yourself, and come back later to take a look.
Good luck, Traders! May you find yourself on the profitable side of it.
Daily Overall Downtrend Outlook:
Note
"Once broken", I should have mentioned, Broken and possibly Retested for validation - then do disappear. The recent trend line break is a good example in this case - as we see it break and retested.Trade active
Might not look like much, but a quick morning test of the uptrend line is under way. If the retest fails, ETH will need to find support below. Kraken Exchange saw large spike, possibly a little trigger happy on the books. Testing ETH Bulls:
Kraken:
Note
Who or What will strike first? Time, or the Trend Line?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.