Despite the overcoming of barriers by Bitcoin buyers, which has led to a continuation of the price growth, Ethereum continues to be as intriguing and mysterious as possible. The triangle in which the price has been moving since 16 July has not yet been broken. Today, the trading shot inside the triangle ends. Due to the extremely narrow range (2.5%) of consolidation inside the triangle yesterday, buyers tried to break the upper trend line. And today, the bottom line is in question.
We will also remind that the price is still outside the growth channel, in which the price has been trading since December 2018. If Ethereum buyers will not change this situation, sellers globally are stronger.
Another fact that still works is the inconsistency of the price growth with respect to Bitcoin. Taking into account even the present situation, where Ethereum buyers do not take a pattern by Bitcoin buyers and do not try to raise the price. It is said that with the fall of Bitcoin, the price for Ethereum will fall even faster.
Now the critical point for buyers is the price of $233, but breaking through and fixing this price mark opens the prospect of growth for buyers up to $260-270. And also the opportunity to continue trading in the broken growth channel:
However, if we analyze the possibility of breaking the triangle down, which in our opinion is now more probable, the first price stop should be at $185.
Although buyers are not upset and believe in the continuation of growth. It can be seen by increasing their marginal positions, which continue to move in the dotted channel:
The interesting thing is that sellers are not going to give up and increasing their marginal positions adds excitement to the situation:
One of the parties will have large losses in the form of a sharp movement, as is the case with the same moods of buyers and sellers. And after the price exit of the triangle, we will see which party it will be.
According to the wave analysis wave (e) has completed its formation and now an initiative is for sellers. While breaking the triangle down after passing $185, the next target is $155:
So let’s see if buyers will be able to keep the bottom trend line of the triangle today, thereby increasing the chances of $235 test. Meet you on Saturday to revise the results of the weekly price movement!
Telegram Alerts from https://t.me/bconews
Image Courtesy: Bitcoin News
The post Ethereum Technical Market Analysis 1st August 2019 appeared first on BitcoinNews.com.