ETH/VEN major resistance coming up!
As you can see on the chart, every time we've had a long red candle or a hammer (where body is bigger than the wick) followed by large green candle or green hammer we've had sizable run up. We are about to test purple resistance line where we've tried to break through on 10 different times and got crushed most of the time. Therefore, I expect us to fall back down to re-test 0.0052 - 0.0048 range and consolidate before trying to break through that resistance line again.
If we do close above purple resistance line with good volume the next resistance level is 100MA right above the purple line. Next, 50MA is waiting right above it. I don't see us breaking out above green trend-line anytime soon. But I see this as an opportunity to accumulate even more! Do make sure to wait until we close above every resistance line and find support before you buy though. I am expecting BTC to go on a huge run once it gets above $13,000 mark and subsequently alt-coins will suffer.
You could even say we are forming a small inverse cup and handle right now.
Leave a comment. See what you think.
*Not financial advice. I am just testing my theories*
If we do close above purple resistance line with good volume the next resistance level is 100MA right above the purple line. Next, 50MA is waiting right above it. I don't see us breaking out above green trend-line anytime soon. But I see this as an opportunity to accumulate even more! Do make sure to wait until we close above every resistance line and find support before you buy though. I am expecting BTC to go on a huge run once it gets above $13,000 mark and subsequently alt-coins will suffer.
You could even say we are forming a small inverse cup and handle right now.
Leave a comment. See what you think.
*Not financial advice. I am just testing my theories*
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