Ethereum Expected Drop (ETHUSD) 05/09/18

in ethereum •  6 years ago 

Hello World,

With the mother of all cryptos dropping ETH is taking an expected dive as well.

In my post yesterday I mentioned several bearish signs that indicated an incoming drop. I will be honest and say that I did not expect it to be as brutal and fast but the market dictates the rules.

Closer Look

This time I will start with the closer look first.

2018-09-05-ETHUSD-CL-4H.jpg

Yesterday I mentioned the possibility that the triangle pattern formation may not have been completed. Following this thesis, the price got rejected and went down. Even if it was completed, the bearish divergences played out, we back tested the upper boundary and went through to the lows.


Big Picture

2018-09-05-ETHUSD-BP-D.jpg

The Daily timeframe shows mainly that if we dip below the previous low of 249.93 we will create a bullish diverge with lower price and higher RSI. The 250 support area is quite strong but we'll have to wait and see how far down ETH can go. Notice the rising volume. It is not the highest of course for the daily but the day is not over. Maybe the market is purging the weak hands.



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*** Legal Disclaimer***: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs.

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