On the 1 day chart, it looks like we're just right now getting an EMA cross-over in the negative direction (bad!), and on the 3 day chart, it looks like the MACD is about to go red (not good!)
With theses indicators it could still go sideways rather than down, but I personally think the potential for upside is not so good right now. I.e., the downside potential could be more than the upside potential.
If the chart looks like it's curving down and smells like it's curving down, then quite likely it might go down!
Anyway, I try to follow some sort of system. So, if the 1day EMA does cross in the negative direction, and/or the 3Day MACD goes red, then my plan is not to buy back in until either of these things reverse back.
Having said that, if I see signs it keeps bouncing off the current support and doesn't go down, then I may be looking to buy back in anyway!
I think during such crash one should not think for short term gains they should see it a buying opportunity for medium to long term. Thank you for the information. I am following you.
Actually, having said all what I said in the previous comment, I think there's still a chance it could go a bit higher than where it is now. If we take take the recent top as $412 and the recent low as $204, and calc the mid-point between these, we get $308. A bounce-back can often retrace 50% of the drop, so I wouldn't be hugely surprised if the bounce could get somewhere close to $308. But I'm not sure how much money I'd put on this scenario!
My guess Is that it's going to go either sideways or slightly downwards for a while. Have a look at https://cryptowat.ch/bitfinex/ethusd/1d and https://cryptowat.ch/bitfinex/ethusd/3d and switch on the exponential moving average and the MACD indicators.
On the 1 day chart, it looks like we're just right now getting an EMA cross-over in the negative direction (bad!), and on the 3 day chart, it looks like the MACD is about to go red (not good!)
With theses indicators it could still go sideways rather than down, but I personally think the potential for upside is not so good right now. I.e., the downside potential could be more than the upside potential.
If the chart looks like it's curving down and smells like it's curving down, then quite likely it might go down!
Anyway, I try to follow some sort of system. So, if the 1day EMA does cross in the negative direction, and/or the 3Day MACD goes red, then my plan is not to buy back in until either of these things reverse back.
Having said that, if I see signs it keeps bouncing off the current support and doesn't go down, then I may be looking to buy back in anyway!
This is not investment advise, etc.!
I think during such crash one should not think for short term gains they should see it a buying opportunity for medium to long term. Thank you for the information. I am following you.
Actually, having said all what I said in the previous comment, I think there's still a chance it could go a bit higher than where it is now. If we take take the recent top as $412 and the recent low as $204, and calc the mid-point between these, we get $308. A bounce-back can often retrace 50% of the drop, so I wouldn't be hugely surprised if the bounce could get somewhere close to $308. But I'm not sure how much money I'd put on this scenario!
Which is another way of saying that i may have changed my mind slightly :/
Short term (next hour): probably up
Medium term: side-ways.
Or perhaps I just have no idea!