I took awhile to write because patience is key. I wrote that in my last post that I have also linked here. I would not have bought these past two weeks because it doesn't make sense. So far I have been correct. Taking a look at where we we are on the daily now, we are seeing more and more pressure for a sell-off. Price tried to break my redline but did not manage to close above it with confidence. How many more times will it try and fail? That's the $X question we have to answer.
My answer is not yet and here is why :
There are too many factors counting against ETH breaking it. Just because it keeps reaching the 240-250 levels doesn't mean its ready to pop. It can very well mean whales are just selling off. We had many chances to break that redline but no-go.
RSI - Although in the 40s, we broke out of the triangle I drew to track RSI. Since there is no pattern forming yet and just going off the numbers, this does not indicate to me any confidence to buy a bag now
MACD - In the red with the two lines seeming to diverge and not in the bulls favor
Volume - Since last post, Most of the volume has been red ... not a good sign of people buying the "bull market".
Head and Shoulders - I drew the head and shoulders in the beginning of the month and so far it has been correct. The last piece that needs to happen is the formation of the right shoulder. So far it is on track so I am keeping my eye out on that one.
MAs - above the 55 and below the 20 ... Again why would anyone want to buy when there are safer price points available (Even if it goes up, buy when its retesting the resistance-turned-support).
Outside of some fundamental news or a sudden change of hearts for whales, I wouldn't want buy any bags at all. Stay on the sidelines. Wait a few more days when you can buy a bag that is in a safer position. Remember that patience is half the battle to win.
My answer is not yet and here is why :
There are too many factors counting against ETH breaking it. Just because it keeps reaching the 240-250 levels doesn't mean its ready to pop. It can very well mean whales are just selling off. We had many chances to break that redline but no-go.
RSI - Although in the 40s, we broke out of the triangle I drew to track RSI. Since there is no pattern forming yet and just going off the numbers, this does not indicate to me any confidence to buy a bag now
MACD - In the red with the two lines seeming to diverge and not in the bulls favor
Volume - Since last post, Most of the volume has been red ... not a good sign of people buying the "bull market".
Head and Shoulders - I drew the head and shoulders in the beginning of the month and so far it has been correct. The last piece that needs to happen is the formation of the right shoulder. So far it is on track so I am keeping my eye out on that one.
MAs - above the 55 and below the 20 ... Again why would anyone want to buy when there are safer price points available (Even if it goes up, buy when its retesting the resistance-turned-support).
Outside of some fundamental news or a sudden change of hearts for whales, I wouldn't want buy any bags at all. Stay on the sidelines. Wait a few more days when you can buy a bag that is in a safer position. Remember that patience is half the battle to win.
