ETH Challenges Key $400 Resistance

Тема в разделе "English", создана пользователем Trading Ideas, 2 авг 2020 в 20:02.

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    ETH Challenges Key $400 Resistance
    ETH / USD KRAKEN:ETHUSD
    MystryBox
    M5nLyqgu_mid.png
    ETH broke over its key $400 resistance yesterday (shown on the chart in blue) and Bitcoin broke over its resistance at $12000 before they both had a large, rapid dump back below support. This was pretty much expected as I explained in previous posts--$400 has been a significant turning point price for ETH going back to 2017 (see yellow circles on chart). So I expect it could take some time and a few runs at $400 before that level gives way to higher prices. I am bullish on crypto, and ETH in particular, so I've put a "buy zone" under $300 in purple.

    Despite the noted "buy" and "sell zones," I'm not selling at $400, I'm simply holding long term. The larger cryptos have made significant returns for anyone that has managed to hold long term. Meanwhile crypto is volatile and most traders tend to underperform those that simply. hold.

    Anyone reading my ideas knows I'm bearish on the equity market. I see the equity market at the tail end of long, aging bull market. And lately equity prices are going up despite an economic catastrophe that in some ways is worse than the Great Depression. I simply don't see reliable upside in equities and I see the potential for massive downside. I mention this because crypto could take a hit if/when the stock market eventually succumbs to reality and again falls to March lows (and possibly lower). However unlike the stock market, crypto has been in a bear market since 2018 and has spent considerable time consolidating its lows. Perhaps crypto (and maybe gold ) will perform better in a new equity bear market compared to most other assets.
     
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