Potential bearish cycle underway as 
ETH receives it's first candle close under 3600.
Price formed a down-step pattern which increased sell momentum as long-term extreme low -> wedge -> 3600 support were broken (see 1/01 post for reference).
Momentum was also increased due to the fact that wedge support crossed below long-term extreme low (see 1/04 post for reference).
These triggers make it less likely that a recovery will occur any time soon.
That said, I call this a potential downtrend because I don't believe we've hit that 'breakout' point yet. Yes we dipped below 3600 but 3300 support is holding in with a possible hammer recovery to D1 200EMA. From a visual standpoint I would consider a drop to 2950-3k to be the reversal signal but that's more opinion-based.
Due to the fact that I was out most of yesterday, I did not sell my wholeETH portfolio at the sight of this dip. I sold half at first close (~3500) and plan to wait it out to see where this is headed. One indicator to use is the open on 1/07 daily candle (red = likely dip) although keep in mind that there are many factors to consider.
ETH receives it's first candle close under 3600.Price formed a down-step pattern which increased sell momentum as long-term extreme low -> wedge -> 3600 support were broken (see 1/01 post for reference).
Momentum was also increased due to the fact that wedge support crossed below long-term extreme low (see 1/04 post for reference).
These triggers make it less likely that a recovery will occur any time soon.
That said, I call this a potential downtrend because I don't believe we've hit that 'breakout' point yet. Yes we dipped below 3600 but 3300 support is holding in with a possible hammer recovery to D1 200EMA. From a visual standpoint I would consider a drop to 2950-3k to be the reversal signal but that's more opinion-based.
Due to the fact that I was out most of yesterday, I did not sell my whole
ETH portfolio at the sight of this dip. I sold half at first close (~3500) and plan to wait it out to see where this is headed. One indicator to use is the open on 1/07 daily candle (red = likely dip) although keep in mind that there are many factors to consider.
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Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.