ETHUSD: Bullish Trend is Over? Time to Sell?
It always pisses me off how "CRYPTO" traders react to bearish days.
Being so PROOO buying some shit coins at a cheap price and claiming them to be CRYPTO INVESTORS,
they cry like babies once the price starts falling.
During yesterday's fall, I received 50+ questions about btc /eth/etc...
Did we see a market crash yesterday?
Let's execute the price action analysis and try to figure out whether the bullish trend on ethereum is over.
Our initial structure low is 1700 level.
From that level, a strong bullish rally initiated in July.
Reaching 3400 level the price sets the first higher high and we see the retracement.
The retracement leg completes perfectly on 2900 level setting the first higher low.
The next bullish wave reached 4000 level and yesterday we saw a massive fall from that.
According to our classic price action rules,
the market remains BULLISH while it is trading ABOVE the last higher low level.
With that said 2900 - 4000 is the bulls' area.
While the price is trading within that zone the market remains bullish to us.
Yesterday's move, for now, is considered to be a correctional move.
The violation of the last higher low level leads to a TREND VIOLATION.
The violation by itself does not mean the change to a bearish trend .
Bearish trend will be established only once the price sets the sequence of two bearish impulses with two lower lows and one lower high.
Concluding the discussion,
Ethereum is still bullish .
Keep calm and rely on rules, not on your emotions.