ETHUSD - Time to close Long Positions?
I am rather new to the crypto world, but have been studying charts every waking moment I can. Looking at ETHUSD daily chart, it is looking *far* overdue for a near-to-mid term correction. I want ETH to succeed just like everyone else, but I would strongly suggest looking at taking your profits while you can.
As you can see, there are multiple factors that are showing signs of reversal. This bull run started in Nov '20, as indicated by the Golden Cross (MA50 crossing over MA100). It has since rallied well over 650%. Additionally, the daily RSI has been over 90 for 5-6 days, leaving me to believe there will be a quick and strong reversal.
Lastly, from chart patterns that I have reviewed throughout ETH and BTC on all different timeframes, the MA50 is becoming far too stretched above the MA200, putting far too much strain on the strength of this bull market.
Again, I am a "nobody", and am by no means an expert, but please do your own research and make a decision that is best for you.
As you can see, there are multiple factors that are showing signs of reversal. This bull run started in Nov '20, as indicated by the Golden Cross (MA50 crossing over MA100). It has since rallied well over 650%. Additionally, the daily RSI has been over 90 for 5-6 days, leaving me to believe there will be a quick and strong reversal.
Lastly, from chart patterns that I have reviewed throughout ETH and BTC on all different timeframes, the MA50 is becoming far too stretched above the MA200, putting far too much strain on the strength of this bull market.
Again, I am a "nobody", and am by no means an expert, but please do your own research and make a decision that is best for you.
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