Sirwin
Sirwin

Short term ETH movement. And goodbye STA!


     Hell yeah, STA is gone! I had just written a short article a few weeks ago bemoaning the fact that STA was a tipping currency here. Nothing like watching your hard earned tip money continuously drop to zero lol. So believe me when I say I was ecstatic to see ETH as a new tipping currency!

    Full disclosure here—-I own some ETH and am a huge fan of it. I strongly believe in its future as the foundation for so many things to come in the world of business and beyond. And even though the price may be down, I am fully confident it will rise again. 
 
  Let’s take a look at ETH. For the support and resistance levels, I used a trend based fib chart,  I chose a downward trend direction because that’s the direction we are currently heading in.

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   Looking at the daily chart,we are currently range bound between $1246 and $1041. It appears we just made another local top on a second try at a breakout to the uoside and it looks like we are coming back down to $1041. At this support we are either going to come back up for a third try at a breakout past $1246 , or are heading back tiwards $914. This is where I think we are heading. If I’m not mistaken, CPI numbers are coming out later this week and I don’t think the news will be the best. 
  Also,if you look at the same fib chart on the 4hr timeframe, you can see the 200SMA(blue line) falling like a rock towards the 50EMA(red line). If the 200 crosses below the 50,this will indicate a pretty bearish scenario in the near term.

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 Also it looks like we will close below the weekly 200SMA which is currently at $1209. 
  Personally I hope to see it drop quite low in the near term as I would like to accumulate quite a bit of ETH at low prices. For myself,this is an investment with a play of a 5-10yr timeline, so the drops aren’t bothering me. 
    None of this is financial advice and is in fact just the opinion of a Harley riding,scooter trash single dad. Like many of you, I work hard for my money and know the value of a hard earned dollar. If you enjoyed this article,feel free to follow me here on Publishox. I write about everything from Crypto to my life experiences. 
  Also I am including referral links for Coinbase and Hodlnaut. If you have considered using any of their services then please use my link. Thanks again and until next time….Don’t let your meat loaf!

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Shovelheaddad
Shovelheaddad

I like crypto. How I got here I’m not quite sure. I went from a hard partying, outlaw motorcycle club member to a father of two, investing in crypto to achieve a better life for me and my two little boys


Confessions of a crypto enthusiast
Confessions of a crypto enthusiast

The life,times and adventures of a former,hard partying biker who started investing after my son was born. Eventually I discovered crypto and then the real adventure began!

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