ETH Ethereum Possible Reversal for Cryptos OR Not??? (1H Chart)
I'm studying Cryptos quite a lot. They've taken a massive interest to me.
Following the little stock market crash a few days ago where we saw indexes like DAX, SPX and FTSE all drop by a good 3-5%. Which all now seem to be rising in value.
We've seen that most Cyrpto markets have been on a big bearish move.
Now the thing is, when Bitcoin drops in price. So do many other coins and tokens. Largely because BTC is exchanged to a lot of these coins. When the price drops, the investors interest is also lost.
Back to the chart we can see we've had what appears to be a strong bullish movement with a lot of buy orders being placed.
Many people might suggest this is a reversal. However, as of the past hour I've picked up on divergence in MACD and the exponential averages are levelling out.
If I was to make an educated analysis of the charts, I would say we are entering a consolidation or a channel. I believe the long term action is >>> BUY <<< but expect the price to remain very unpredictable, at best.
I base this prediction on the fact that overall ETH is based on better technology and transaction rates are superior to Bitcoin. They still remain correlated however.
Keep an eye on the moves!!!
Good luck people!
Following the little stock market crash a few days ago where we saw indexes like DAX, SPX and FTSE all drop by a good 3-5%. Which all now seem to be rising in value.
We've seen that most Cyrpto markets have been on a big bearish move.
Now the thing is, when Bitcoin drops in price. So do many other coins and tokens. Largely because BTC is exchanged to a lot of these coins. When the price drops, the investors interest is also lost.
Back to the chart we can see we've had what appears to be a strong bullish movement with a lot of buy orders being placed.
Many people might suggest this is a reversal. However, as of the past hour I've picked up on divergence in MACD and the exponential averages are levelling out.
If I was to make an educated analysis of the charts, I would say we are entering a consolidation or a channel. I believe the long term action is >>> BUY <<< but expect the price to remain very unpredictable, at best.
I base this prediction on the fact that overall ETH is based on better technology and transaction rates are superior to Bitcoin. They still remain correlated however.
Keep an eye on the moves!!!
Good luck people!
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