Ethereum again to 120 $ ? Market near important supports
market price reached important up trend line which has been formed at the beginning of 2019. If this support trend line should break down I see only two other good support areas before price went to drawn long term buy area.
1. support is the 200 day moving average (red line) which is long term support. Expect fast down movement if price close under this red line
2. support is the drawn support trend line which was resistance from January 19 to May 19
if both supports doesn't hold the price we will see with high probability the drawn down movement to long term buy area. Another reason for this movement could be a breakout of bitcoin price above 13/14K, this would move more money from alts into bitcoin because people getting crazy and think "THIS IS THE BIG BITCOIN BULLRUN" and transferring money from other investments into BTC and last but not least the incoming bearish crossing of 50 day moving average (yellow line) and the 100 day moving average (blue line).
-RSI line is near down trend line - market need big volume to break above
-MACD baselines are near bearish crossing which brings sellers into the market
1. support is the 200 day moving average (red line) which is long term support. Expect fast down movement if price close under this red line
2. support is the drawn support trend line which was resistance from January 19 to May 19
if both supports doesn't hold the price we will see with high probability the drawn down movement to long term buy area. Another reason for this movement could be a breakout of bitcoin price above 13/14K, this would move more money from alts into bitcoin because people getting crazy and think "THIS IS THE BIG BITCOIN BULLRUN" and transferring money from other investments into BTC and last but not least the incoming bearish crossing of 50 day moving average (yellow line) and the 100 day moving average (blue line).
-RSI line is near down trend line - market need big volume to break above
-MACD baselines are near bearish crossing which brings sellers into the market
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
