SIX LEVELS OF SUPPORT BROKEN! WHAT OTHER TA WON'T TELL YOU
Updated
Above you can see that my six levels of support being broken. Here is the same levels I drew out yesterday before we saw the big dip.
I was HOPING so hard for it to go back up, but a simple technique that has proven helpful time and again is just looking at the buy and sell walls on the exchange that I’m using (GDAX in my case). The sells walls weren’t disappearing and the buy order walls were just getting stronger and stronger on the way down.
For us to have bullish momentum, we need to break the 3rd resistance line which was previously the 3rd support line.
As you can see, the orange resistance lines (previously blue support lines) cross over into the 3rd resistance line. This line is important because this is the major trend line drawn from the January highs from January 13th and January 27th when ETHUSD was $1400 and $1220 respectively. This was also the major trend line that we needed to break when we wanted to see (BTCUSD as an example) $12-13k from our all-time low. Now that we’re back under this trend line, we need to break this line again if we want to be bullish. If we want to be bearish, we want to stay under this trend line.
At the same time, that line is also important because the first two additional orange support zones in that area that will create massive resistance. Between the first and second heavy resistance zone, Is this the “sideways zone” that all the other analysts are talking about before alt-season? I don’t know myself, only time will tell and hindsight will confirm.
If we break below $715, we’re looking at even more massive corrections. That will be a good time to put your stop-loss in depending on where you entered, or to start stacking your buy orders in.
If we zoom out and look at the bigger picture this is how we need to look at it from a different perspective.
The price of ETHUSD exactly one year ago on March 7th, 2017 was $18, the price of Ethereum today on March 7th, 2018 is in the 700s. Does the achievements of Ethereum, in technology and the adoption into the real world and market, warrant its current value or was it FOMO that drove the price to balloon?
I do believe that the price of Ethereum will continue to go up but when is the multi-billion dollar question I also want to find out. If I knew this answer, as a woman, I’d be buying other women and having a fantasy harem into oblivion. I wouldn’t be on here on a site with a bunch of other wannabe trend analysts dudes, who tell other people they trade crypto for a living when in reality they spend most of their down time fapping in between looking on TradingView or Twitter for answers from other TA’s because they don’t know how to TA themselves. Basically, most people who say they trade crypto is just code language for “I fap all day.”
IF, and IF we are currently in the 2nd wave of the grand supercycle wave and we are currently in the B wave, we need to see more correcting before we can sell our PT Cruisers for some Lambos.
Here is an even bigger picture in the grand scheme of things.
I’m not saying these are the price targets, I’m just giving an example of what the general outlook might be. We’ll never know exactly what will happen though until we get there. In the meantime, we should all help each other out the best we can and call out those few who have tens of thousands of followers that become friends behind the scenes with the possibility of them calling the same price points to manipulate price.
Those guys love getting attention but they can’t handle criticism when their followers lash at them? They need to develop thick skin and also be held to some accountability. That’
I was HOPING so hard for it to go back up, but a simple technique that has proven helpful time and again is just looking at the buy and sell walls on the exchange that I’m using (GDAX in my case). The sells walls weren’t disappearing and the buy order walls were just getting stronger and stronger on the way down.
For us to have bullish momentum, we need to break the 3rd resistance line which was previously the 3rd support line.
As you can see, the orange resistance lines (previously blue support lines) cross over into the 3rd resistance line. This line is important because this is the major trend line drawn from the January highs from January 13th and January 27th when ETHUSD was $1400 and $1220 respectively. This was also the major trend line that we needed to break when we wanted to see (BTCUSD as an example) $12-13k from our all-time low. Now that we’re back under this trend line, we need to break this line again if we want to be bullish. If we want to be bearish, we want to stay under this trend line.
At the same time, that line is also important because the first two additional orange support zones in that area that will create massive resistance. Between the first and second heavy resistance zone, Is this the “sideways zone” that all the other analysts are talking about before alt-season? I don’t know myself, only time will tell and hindsight will confirm.
If we break below $715, we’re looking at even more massive corrections. That will be a good time to put your stop-loss in depending on where you entered, or to start stacking your buy orders in.
If we zoom out and look at the bigger picture this is how we need to look at it from a different perspective.
The price of ETHUSD exactly one year ago on March 7th, 2017 was $18, the price of Ethereum today on March 7th, 2018 is in the 700s. Does the achievements of Ethereum, in technology and the adoption into the real world and market, warrant its current value or was it FOMO that drove the price to balloon?
I do believe that the price of Ethereum will continue to go up but when is the multi-billion dollar question I also want to find out. If I knew this answer, as a woman, I’d be buying other women and having a fantasy harem into oblivion. I wouldn’t be on here on a site with a bunch of other wannabe trend analysts dudes, who tell other people they trade crypto for a living when in reality they spend most of their down time fapping in between looking on TradingView or Twitter for answers from other TA’s because they don’t know how to TA themselves. Basically, most people who say they trade crypto is just code language for “I fap all day.”
IF, and IF we are currently in the 2nd wave of the grand supercycle wave and we are currently in the B wave, we need to see more correcting before we can sell our PT Cruisers for some Lambos.
Here is an even bigger picture in the grand scheme of things.
I’m not saying these are the price targets, I’m just giving an example of what the general outlook might be. We’ll never know exactly what will happen though until we get there. In the meantime, we should all help each other out the best we can and call out those few who have tens of thousands of followers that become friends behind the scenes with the possibility of them calling the same price points to manipulate price.
Those guys love getting attention but they can’t handle criticism when their followers lash at them? They need to develop thick skin and also be held to some accountability. That’
Note
(cont'd)........ not to say their followers and yourself aren’t accountable for your own actions, but when you hit a certain level of celebrity, don’t delete your tweets when you said that you believe the price of BTCUSD will hit $12,000 when in actuality, the price is coming down, and it’s coming down hard.Note
Note
As you can see from the picture above, we have no entered the "point of no return." Screw RSI, screw your favorite twitter TA(such as CryptoChoe who deletes his tweets cause he was wrong and doesn't want to get flamed yet brags and wants attention when he's right with a "BAMMM" There's a reason why Zissou called him out), the best way to look at how the price will move is to see where the sell wall and buy walls are.The way to do that is on your exchange, zoom out on the prices and see if there are more buy orders at the bottom or at the top. In the past week, the buy orders were strong bottom which to me indicated that the price must move down cause that is where the demand is.
I'm not really dissing RSI but you need to use multiple tools to predict the future. I think analyzing buy or sell walls is undervalued. I mean the best analyst can call me out, but sometimes the best person out there is wrong. Take for example Warren Buffet, sure me made billions, but he thinks crypto is a joke going no where. He's wrong too.
To be honest, what you need is to read a lot of different TA's and don't limit yourself to just one or a few people. Also when someone is critiqueing another person, don't be afraid to listen to "why" that person thinks the other is wrong. In addition, don't put all your faith into one or a few people. Everyone gets it wrong, and we all must lose money, even me. Lastly CryptoChoe is a fraud who wants your money, if he was really on point with his TA game he wouldn't need your money. But we're all in this for money right? The greed is real, we all want Lambos but not all of us are gonna get one. For him and for others to win, people like you need to lose.
Note
if you read the above post, I made a mistake there. It was supposed to be "he' isntead of "me." I wish I did have billions, even a hundred thousand would be more than enough hehe~ People with billions don't care about you, otherwise they'd spend more of their resources trying to help people in need by providing clean water, ending world hunger and providing education.But you know they need their tenth mansion, 11th airplane, and 12 children whom they never have time to spend with. All which they'll be able to take with them to their grave am I right?
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.