ETHEUR long trend analysis
Hello,
ETHEUR is in a downward channel. I draw this channel from early June but one might argue that it should be drawn from the top of May. Either way the long trend is down.
In my chart the channel was broken in late July, early August and was pushed back down into the channel by the 50 day MA.
September 12, on the sequential, we had a beatiful red 8 that coincided with the 13 on the countdown and was also a doji candle meaning inversion of the price. Put this togheter with the RSI touching the 20 low and it's a clean indication that it's going to bounce. It did.
Now we have that 50 day MA coming down and touching the top line of the channel, indicating that it could be the top of this dead cat bounce.
The RSI did break the trend started in may but i dont's think it's going to continue doing so.
If the price breaks strongly out of the channel and into the 128 MA then I would consider an inversion of the long trend.
Best regards,
Alexandre Simões
ETHEUR is in a downward channel. I draw this channel from early June but one might argue that it should be drawn from the top of May. Either way the long trend is down.
In my chart the channel was broken in late July, early August and was pushed back down into the channel by the 50 day MA.
September 12, on the sequential, we had a beatiful red 8 that coincided with the 13 on the countdown and was also a doji candle meaning inversion of the price. Put this togheter with the RSI touching the 20 low and it's a clean indication that it's going to bounce. It did.
Now we have that 50 day MA coming down and touching the top line of the channel, indicating that it could be the top of this dead cat bounce.
The RSI did break the trend started in may but i dont's think it's going to continue doing so.
If the price breaks strongly out of the channel and into the 128 MA then I would consider an inversion of the long trend.
Best regards,
Alexandre Simões
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