50 SMA Crosses 200 SMA in Golden Cross, huge bullish potential
So from the last time I've posted this, a few things have changed, but most stayed the same. The major thing I missed was that I previously said we would hit the resistance zone of ~$202, when in reality we hit the zone at ~$183. However, we still dropped right down to test the resistance zone at ~$160, just as predicted. I think we have entirely too much support here to drop any lower, and honestly, it's a good thing that we have retraced to this level. It ensures we have a good support zone for our way back up.
Now to the good part. Previously, I said we would have a large breakout once the 20 Day crossed the 200 day SMA, and in a sense, it did. We did see some large buys, and the price did definitely go up. However, not as much as we would have hoped. Now we are staring in the face of the second crossing, which if you read my last post, was even bigger than this one. The 50 day SMA is crossing the 200 day SMA in a positive direction for the first time since February 2017, the beginning of the last bull market that led us to our previous ATH. When it last crossed, the price of Eth was just above $13, and went to $1425. Now we are at ~$180, and the sky is the limit!
According to the current trendlines, we should have our next Golden Cross at around April 19th. That gives us some time to recover a bit and maybe again test the support level at $160. This time, I do fully believe we will hit the $202 resistance zone. Whether or not we cross it in this run is very dependant on how much volume we see in the next week. If we can break above the $202 resistance zone, we will see the next test at ~$233, and then ~$283. On the way down, there wasn't much support between $200 - $300, so we shouldn't see much resistance between these levels either. If, however, we can't break above the $202 zone, we will likely bounce back to the ~$175 support, and if that fails, the $160 zone.
I'd like to mention here that sometimes TA is wrong, even to a novice like me. It's very important that you DYOR. I encourage you to call out anything you see here that doesn't make sense. I'm learning, as I believe many people still are. Check out the related ideas for my last TA.
Now to the good part. Previously, I said we would have a large breakout once the 20 Day crossed the 200 day SMA, and in a sense, it did. We did see some large buys, and the price did definitely go up. However, not as much as we would have hoped. Now we are staring in the face of the second crossing, which if you read my last post, was even bigger than this one. The 50 day SMA is crossing the 200 day SMA in a positive direction for the first time since February 2017, the beginning of the last bull market that led us to our previous ATH. When it last crossed, the price of Eth was just above $13, and went to $1425. Now we are at ~$180, and the sky is the limit!
According to the current trendlines, we should have our next Golden Cross at around April 19th. That gives us some time to recover a bit and maybe again test the support level at $160. This time, I do fully believe we will hit the $202 resistance zone. Whether or not we cross it in this run is very dependant on how much volume we see in the next week. If we can break above the $202 resistance zone, we will see the next test at ~$233, and then ~$283. On the way down, there wasn't much support between $200 - $300, so we shouldn't see much resistance between these levels either. If, however, we can't break above the $202 zone, we will likely bounce back to the ~$175 support, and if that fails, the $160 zone.
I'd like to mention here that sometimes TA is wrong, even to a novice like me. It's very important that you DYOR. I encourage you to call out anything you see here that doesn't make sense. I'm learning, as I believe many people still are. Check out the related ideas for my last TA.
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