I am a newbie in the Crypto world and still many facts are sneaking around. Even though, if we take the old but "gold" technical analysis under consideration, the intersection of the two resistance lines should be too strong for the price to fall and to result in a positive breakout. The RSI is kind of down and sleepy, say not very promising. The Fib Retracement will contribute somehow to the chart but additional perplexity is undesirable in the otherwise intricate and new market.
The low bar (green) only actually touches two low points— and technically only one, since the second one is a speculative point.
We’ve already crossed under the moving averages, which is not a good sign. RSI is weak. I’m not saying it’s impossible to go up, but I see a lot of overhead resistance on the way up, and the upper $900 level is a doozie. There is a serious tried and tested resistance there, met with the psychological barrier at 1k.
stamoyo
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@TheGush, Hi! I got your point. I like it and appreciate it. My idea is to apply tech analysis only and thus I should use both down points. I agree with you about the psychology batrier, the one missing point and the weak RSI.
Good post on your profile, though.
Best!
juliop90
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Dude, the market is very volatile lately, but I am almost sure you are wrong. There are many other indicators that is pushing that price lower. It also depends on BTC and if you analyze it also going down. I will not buy at this time.
stamoyo
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@juliop90, Hi! I am very excited to see what happens next. Crypto is not my element, but one should try in order to master. I appreciate your comment and feedback, because I really need it and I will be very happy to hear from you some more on crypto. Thanks!
juliop90
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@stamoyo, sure, and I am not a guro, haha its just what I can determine from my analysis. There are really good guys here doing projections and analysis. Just follow them and learn from them. I did that when I started and then you go creating your own style. Good Luck
The low bar (green) only actually touches two low points— and technically only one, since the second one is a speculative point.
We’ve already crossed under the moving averages, which is not a good sign. RSI is weak. I’m not saying it’s impossible to go up, but I see a lot of overhead resistance on the way up, and the upper $900 level is a doozie. There is a serious tried and tested resistance there, met with the psychological barrier at 1k.