ETH - Bear run or consolidation ?

ETH - Bear run or consolidation ?

By BlessPatrick | Crypto Switzerland | 2 Oct 2019


In my last review I spoke about the price drop. Now let's see if it has ended. 

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The fall landed perfectly on the trend line drawn from the last top highs this year. It didn't only tested it but it is now performing in a very nice upward channel. It then flew out of the resistance zone and is actually testing its roof. Other important informations : it is now closing the trend line drawn using the last top highs from a week ago and RSI has gone positive again. 

We can also compare the movement on this chart to the last one and remark that they are really close. Only the angle is steeper. 

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On the Ishimoku and Fibonacci EMAs, ETH is slowly crossing the cloud and the lines respectively but never forget that this may be related to strong resistance. Never forget that Ishimoku's cloud materialises very strong resistance zones and can be difficult to extricate out of it. 

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This view shows the evolution on a 15 min based chart. It confirms the actual retest of the resistance zone highs with an RSI turning around the 50 zone.

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The last shot I want to look out is the daily chart. It confirms again the reaffirming of the positions in and above the resistance zone built over time, and it puts to light the resistance built by Ishimoku's cloud as we're building a bearish flag. But RSI is slowly trying to get positive again.

Conclusion : I wouldn't bet on a new positive wave coming. I get as an entry point short the crossing of the cloud, the Fibonacci EMAs and the trend line drown on the 4h chart. For a long term investment I'd wait for the same signals to appear on the daily chart. But, if we fail to consolidate the new zone, my bet would be a pull back the the lower resistance zone between 141 and 127 $. 

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BlessPatrick
BlessPatrick

Offering crypto and precious metals analysis from crypto valley Switzerland


Crypto Switzerland
Crypto Switzerland

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