As we can see price is declining below the 50 day moving average on the weekly chart as represented by the yellow line. What does this mean? Typically, this is called a 'death cross'. Price will decline as you can follow along previously how fast price fell from prior crossings. As of right now we are hovering right on the 50 and below the 100(white line). With all of the recently bearish SEC news I don't see many people wanting to go long here. We are hovering just slightly above a weekly support zone as of right now. (the upper orange zone). By the looks of things we are, and they aren't good IMO, we should easily reach the lower support zone as seen in lower orange zone. We'll have to keep a close on price action and see what the next weekly candle close will do.
I like to keep my charts sweet and simple. So many artists, I mean traders, over do their charts with so many analytics that is confusing to follow. I tend to just rely on simple trend lines, support & resistance zones along with EMAs. These are much easier to follow and do not require the sacrifice of your first born to turn a profit.
What are you thoughts on eth? Comment below.
I like to keep my charts sweet and simple. So many artists, I mean traders, over do their charts with so many analytics that is confusing to follow. I tend to just rely on simple trend lines, support & resistance zones along with EMAs. These are much easier to follow and do not require the sacrifice of your first born to turn a profit.
What are you thoughts on eth? Comment below.