ETH showing strong signs of trend reversal on daily chart

Yesterday's daily ETH chart formed a clear hammer while indicators show as oversold.

Do you understand what this means? ETH's trend is reversing and is likely to go back to $250-$300 within a week.

i would be happy if it ever touched 0.11 again

Only buy sub $200. It keeps popping back up to $200 every day. Yesterday morning was grim and I thought it would stay sub $200 but it's doing ok now

It's hovering around a psychological level, just as LTC did at $30 and BTC at $2500, as it always tends to. Then as a result of this it will almost certainly form a wedge, volume will drop, and then a few days later it will VIOLENTLY shoot down or up based on community sentiment causing the breakout.

As soon as that happens, all the pigs rush in to sell again and volume shoots back up and the cycle repeats.

Lately it's been shooting down a lot lately. But oversold indicators and a hammer likely yesterdays highly suggests that the next breakout will be UP, not down.

The next major level of resistance is around the $220 area. But if it breaks through that we're almost certainly going up to $250-260 and then if it continues up to $300 we'll know the trend is really reversing.

Otherwise, if the sellers aren't exhausted yet, a wedge will form before a violent fall to $140-$145 but then stabilization again around $150.

It's seriously starting to indicate that it will move up though, at least to the $250 level, in the near future.

Bump.

Bump for more awareness.

good analysis, need to give the bulls some confidence

>He thinks the ICO's aren't ready to cash out millions as soon as ETH breaks out above 200.

baghodler fag

It's their interest to not spike sell volume and smash down price too much, seeing as they're unlikely to be shorting.

Bots... how do we deal with them?

Isn't all this flash crash bullshit going to get worse before it gets better?

>implying the ICOs aren't waiting till the market grows so they can cash out slowly when 1eth=1000usd and not tank the market.
It is in their best interest to hold

>oscillators still falling
>the gains of june are already wiped out

Looks more like a bull trap 4 me m8

>its oversold therefore it must bounce back
No, just fucking no. There is no confidence in ETH anymore, the last 2 major ICO's failed, theres hundreds of millions of ICO dollars trying to be dumped back out to safety of BTC.
GPU's are already coming up for super cheap on trade sites, people are getting OUT, the only people left who actually want to own ETH are swing traders like you desperate for a rally so you can offload at 5% profit.

ICO's are facing a prisoner's dellemna . It's in their shared interest to keep the price of eth high, but the first one to cash out big will make out better than if they had waited, even if it ducks over all the others. Game theory predicts it's gonna be a race to the bottom cashing out that ICO ETH.

First of all, millions in ETH isn't significant compared to the billions that were sold on the way down from ETH's peak in the 400s. The extremely large ICOs you're referring to have for the most part cashed out the ETH they intend to sell in the short term. The result is that the price is returning to roughly the same place it was before the very recent ICO craze took over, but lower due to weak hands.

Doesn't really matter if it's bots or not. The sellers will exhaust themselves and buying pressure will build up if this continues.

It's just as strange for for a coin to fall this far so quickly as it is for it to shoot up as quickly as it did. Trend reversal is imminent.

>There's no confidence in ETH anymore
That's a terrible rumor you must have heard because confidence is alive and well. Go read about what the UN is now doing with ETH and the new companies that are getting on board. It'll be expanded upon with the EEA announcements. Loads of work is still being done on the ETH network.
>Last 2 major ICOs failed
Not at all. SAN and many other recent ICOs were a complete success.

You're letting yourself fall for memes that this board spreads as a joke.

Most of the ICOs that are going to cash out in the short term have cashed out.

This is such a false rumor which is perpetuated by this board.

You act like there's suddenly a bunch of ICOs holding all this ETH. ETH has had bigger whales than the ICOs you're referring to holding most of it since its inception. Nothing has really changed and it hasn't crashed because of that.

>Not at all. SAN and many other recent ICOs were a complete success.
Only the big ones drove the price.

>confidence is alive and well.
I don't know what echo chambers you hang around in but twitter, reddit, random discords I can tell you the tune has definitely changed. Even the super autistic optimists are giving conservative valuations for ETH and looking much longer 2-3 years for recovery.

>You're letting yourself fall for memes that this board spreads as a joke.
No, my position is purely independent. I don't have a stake in ETH right now so I don't really care, you reek of desperation however.

ITT: Bagholders deluxe.

You guys are like little mongrel rats trying to convince everyone that your breadcrumbs on the floor are more delicious than the massive roast at the main table.

ETH is a broken toy and you're all retarded for holding it.

someone post that bubble graph zoomed in on the denial phase. this shit is hilarious

Hell quints. Truth has been spoken.

ETH shills, enjoy your bags.

holy moly i didnt even notice. but i didnt even need it to know eth was a spawn of satan haHAA

This is Veeky Forums gold

>muh TA
>muh russian ponzi man working hard

The sentiment has spoken and ETH is heading down to fuck town.

It's hovering around this area because this area is where the first 2 crashes a couple weeks ago came to. It's a psychological price target, 206 and 211 on coinbase. Once we're past that I don't see resistance until 230s with the psychological target being 250.


Eth will probably hit 230s within the next 12 hours, and then dip down to 205-210 again before it continues back up to 250

>250-300
lol.

by the way how much is your time worth these days? how much money do you make per hour of monitoring the charts and trading?

What, like my salary? I'm not paid to look a crypto charts, but I do do this while at work.
Are you asking my salary at work?

OP, you just blew your cover.

How so?

I also shitpost during work
Hi everybody

>eth FUD is being spread by twitch meme posters

This gives me even more hope that ETH will moon

The ETH fud is on a different level lately. Everyone shit posts but the amount people say on ETH makese think you're right. Usually the biz consensus fuck me so maybe I'll make it on this.