I am learning to analyse trading charts and I am publishing this analysis to check back in future for my own educational purposes. Any feedback is appreciated.
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We just hit the MA50 at 0.0895 with last day's red candle and touched the support point drawn on the chart(0.0887) for a moment but it bounced from there immediately. I will be watching out if this point will be able to hold up the price. If it breaks down through MA50, look for the support drawn on the chart(0.0887). There is another support at 0.084 to watch out if 0.0887 doesn't hold up.
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I was right about the short call but Ether just didn't get the momentum it needed to bounce from the drawn trendline. Closed the trade manually because we didn't get a signal of reversal. It was a nice profit overall.
Not bad! Next support is 85k and it should bounce from there if not earlier. So far it’s still within a support range 95k. It’s just a matter of a week or 2 at most and it should go up :)
Crypto28
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@MoneyBoi, Thank you for your comment, I am expecting a drop to 0.88-0.9 before a bull run but 0.95 support is holding pretty well at the moment as you mentioned. Just need to wait and see.
Crypto28
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@MoneyBoi, Just saw I didn't mention the bearish divergence on the MACD chart which actually made me think about this idea.