I am eyeballing ETH Ethereum right now. Trying to determine the state of this downtrend. Weird I know, as all follows BTC. I will take a look at BTC soon.
Can we slide lower and rekt more hopes and dreams? Totally possible. Daily RSI is super low across the board. There is a recovery bounce that is desired and that will come but will it come very soon or is there more waiting time as more people attempting to catch and long the bottom get liquidated.
The thing about a downtrend is it plays on fear with flickers of hope. Just like in an uptrend, the opposite can be said, excitement with flickers of doubt. People in groups are highly predictable.
Best thing to do is wait and watch for confirmation in either direction. But examine the candles on this potential fractal and then tell me there isn't a good chance we go for more rektoning.
There are still more people to shake out and both BTC and ETH plowed through significant support levels to now be held up on mostly thin air.
HOPEfully the these two beasts close their respective weekly candles within those support ranges. But we have to wait for that possibility. Currently ETH is below that range, halfway through the week.
Post up a comment and let me know what you think.
Smash the like if you dig it.
TheDynamikOne
Can we slide lower and rekt more hopes and dreams? Totally possible. Daily RSI is super low across the board. There is a recovery bounce that is desired and that will come but will it come very soon or is there more waiting time as more people attempting to catch and long the bottom get liquidated.
The thing about a downtrend is it plays on fear with flickers of hope. Just like in an uptrend, the opposite can be said, excitement with flickers of doubt. People in groups are highly predictable.
Best thing to do is wait and watch for confirmation in either direction. But examine the candles on this potential fractal and then tell me there isn't a good chance we go for more rektoning.
There are still more people to shake out and both BTC and ETH plowed through significant support levels to now be held up on mostly thin air.
HOPEfully the these two beasts close their respective weekly candles within those support ranges. But we have to wait for that possibility. Currently ETH is below that range, halfway through the week.
Post up a comment and let me know what you think.
Smash the like if you dig it.
TheDynamikOne