Looks like ETH will go down; question is how much?
Updated
Hello fellow enthousiasts,
I actually wanted to post this as a comment on MCP's last chart but since my account hasn't accumulated enough points that was not allowed.
To keep it simple: I totally agree with his view and it seems quite likely ETH will dive a bit in the next hours.
Only exception I can see to that would be if the first support holds; in that case the bleu channel could be valid for a while or a new bear flag might form.
The RSI indicators suggest the support will be tested again really quickly though, and even if the channel or flag become reality it probably is just buying time for the bulls.
If the current support breaks it will be interesting to see whether the second support holds. If not, ETH might indeed go down to around 600 it seems.
Please understand I am quite new to this. This means two things:
1) Don't put to much trust in my analysis.
2) Feel free to let me know I am wrong and if possible please explain why.
CJ.
I actually wanted to post this as a comment on MCP's last chart but since my account hasn't accumulated enough points that was not allowed.
To keep it simple: I totally agree with his view and it seems quite likely ETH will dive a bit in the next hours.
Only exception I can see to that would be if the first support holds; in that case the bleu channel could be valid for a while or a new bear flag might form.
The RSI indicators suggest the support will be tested again really quickly though, and even if the channel or flag become reality it probably is just buying time for the bulls.
If the current support breaks it will be interesting to see whether the second support holds. If not, ETH might indeed go down to around 600 it seems.
Please understand I am quite new to this. This means two things:
1) Don't put to much trust in my analysis.
2) Feel free to let me know I am wrong and if possible please explain why.
CJ.
Note
It looks like it was a good idea to follow MPC, we did indeed go down to around the predicted level.
Now I can not help but notice the similarity between what is happening now and the triangle that built two days ago. Another triangle and expected drop after also aligns with the support level around 560. I would not be surprised to see the triangle appear in the next 1-2 days. Let's see what happens.
CJ
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