The Neutrality Ethereum Technical Analysis Update
|Rubika Ventures||Oct 8, 2019|
You will be surprised that this will be a very quick story to read.
But today we are writing to give you an update of the technical analysis of Ethereum in a simple and easy to understand way.
In general and by hours, Ethereum doesn’t show a congruent significance in the volume of negotiations so we can consider a little low in relation to the past days and after the last rally.
He is currently testing some of our resistance, but every time he tries to break them he ends up doing a false break.
For now he left our recommended shopping area between 0.0212 and 0.021518.
For times H4 (hourly chart) and D1 (daily chart), RSI scoring around 60 points and the lateral MACD simply indicate neutrality.
On the other hand and looking at the chart for hours, and if Elliot’s theory is effective, it could be returning to our recommended shopping area where Ethereum remains in an accumulation phase.
But we can also notice a high channel forming and now we can invalidate the formation of the inverted head & shoulder pattern that we had named in the last update made by the team in our premium group.
The only challenge we now have will be the reaction of investors regarding the approval or disapproval of ETFs by the SEC. From external sources it seems that the institution no longer has time to be delaying such approval.
We named this here and returning to our logic with the Ethereum, due to the fact that those approval or non-approval events have generated a large manipulation within the market, and as we well know, that repeats in the Altcoins market where Ethereum has its history.
What to do in this case?
First of all and knowing that this year has been the year of the institutions, we must remain calm and play this game calmly.
In recent days the market has shown positive for the Altcoins in relation to the fall in the dominance of Bitcoin.
But we must always do things with caution and avoid pump and dump schemes where most people always lose money.
With that then, it is better to mount our investment portfolio to the few and accumulate in the recommended areas. And this also includes our dear Ethereum.
To know which coins are good for setting up a wallet, remember to study the correlation we had reported in our weekly report.
See you in the next story. With Love 💛, Rubikators Team.
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