Ethereum: weekly market analysis (from 11/6 to 11/12 2019 on BTC / ETH pair)

By Roberto D. | CryptoFarm | 12 Nov 2019

$0.18 tipped


BTC / ETH a week of timid rises

The week just ended was a week of gains for ETH, but the bulls' action was rather timid; on the 30D chart what we see is the same scenario that we reported last week, the price, after testing the R1, was reported near the pivot point, but there has not yet been a clear break of this level. As for the 7D chart, the bollinger bands show us that the price has returned above the median line, so this should be understood as a bullish signal, while the MACD also seems to have regained momentum. The reason why I can't get rid of my pessimism on ethereum is the ichimoku clouds on a 1D chart; here we see that the price has returned to the cloud and does not seem to be able to re-emerge. A close of the day above the cloud (around 0.022BTC) would be a decidedly bullish signal, however the risk of bears trimming a powerful leg, breaking the clouds and dropping the price again in a bearish scenario should not be overlooked.

 

Weekly forecast

If I had to stop at the technical analysis the graphs show us a fair convergence of bullish signals, as far as I am concerned, however, my intuition advises me to be cautious; right now I'm seriously struggling to trust ethereum so, like last week, my forecast for ETH is still bearish, but be careful because this time too, in the event of a day over 0.022BTC, all my reasoning would be invalidated. On the 4H chart, in any case, both the MACD and the RSI are beginning to show the first shy downward differences, this means little, because this kind of formations is often invalidated and often reveals itself as a preliminary to trivial retracements, however the market appears to be quite weak at this time, the volumes are low and bitcoin could give rise to heavy dumps which, if they occurred, would also drag the altcoins with them. Attention, therefore, because it is not the ideal time to trade, however the facts could also end up showing that I am wrong and that in my analyzes there is an excess of pessimism, this we will understand better within a couple of weeks at maximum

 

Please note: this post is not intended to provide any financial advice regarding how to invest your money, but is for educational purposes only


Roberto D.
Roberto D.

Born in Italy, I live in Italy, passionate about cryptocurrencies since I discovered ethereum in 2015


CryptoFarm
CryptoFarm

All about crypto, faucet, airdrop

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.