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January 3, 2019 / by Bill Noble
Currently, Ethereum (ETH) is close to resistance in the $ 162 – $ 167 zone. $ 167 is a horizontal resistance (Figure 1). $ 162 is the diagonal resistance of the Fibonacci speed lines (Figure 2).
Support in Ethereum (ETH) is the retracement of 38% of the most recent to $ 151. More support would be at 76% of the recent decline to $ 139.
The mobile averages of Ethereum (ETH) are worth a visit. Currently, Ethereum is at $ 100 from the 200-day moving average (Figure 1). Markets can do something called "mean reversion". In this case, there may be a further shift towards the long-term average – even if the move is only corrective.
In addition, looking at the Ethereum Daily Table (ETH), the Ethereum 50-day moving average (red line) is starting to exceed the 21-day moving average (blue line) on the daily ETH chart (Figure 2). After a correction to alleviate the tactical conditions of overbought, this could be a constructive development. It is not uncommon to see a correction in the lower right corner while moving averages cross. So, save a disaster, today's decline is not a disaster due to the publication of this report.
In Litecoin (LTC), $ 32 is the main support (Figure 3). If that level is good, then maybe you can talk about something more.
Bottom line: if moving averages prove useful in predicting the direction of Ethereum (ETH), it could be a sign that asset managers are applying traditional algorithms to accumulate. Dogs such as Ethereum (ETH) and Litecoin (LTC) that are under Bitcoin (BTC) on the market chart must support. If this does not happen, Ethereum (ETH) has the power to eliminate Bitcoin (BTC).
The Trading desk Crypto.IQ he is working on long and short positions to make the most of these levels of support and resistance. One thing that I admire most of our desk is their ability to navigate the market without prejudice. Join me as I continue my cryptic upbringing.
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