Ethereum Consolidating before Bullish Break? LONG
I've been seeing a lot people getting very bearish recently. This makes me feel bullish. I've even seen a well known Trader who has a large following here on TradingView, projecting an ETH short to $25! When I see people getting this bearish, I have to ask myself; is $25 ETH possible? Yes. But is it likely? No. When the sentiment changes like this I pay attention & I use it to my advantage. Not long ago these same people were raging bulls shouting "you don't want to miss this, this is a once in a lifetime opportunity to make life changing money". Now they have done a complete 180 shift. Uber Bears. When I see this, I take notice. I zoom out and ask; what can the bigger picture tell me? I ask myself; what are the big players doing? Are they accumulating or are they distributing? Is this fear? Should I be getting greedy?
Ethereum is consolidating just below long term major Support/ Resistance. This can be considered very Bullish. Don't get me wrong if the DJI and NASDAQ roll over you can expect the whole crypto market to go into free fall. But speculating that everything is going to roll over & go to new lows is exactly that. Speculation. Trade your analysis. Pay close attention to your feelings and pay even closer attention to the emotions of those around you.
The FED have said: "We will do what we can, for as long as it takes" to stabilize the markets and ensure the recovery is "as strong as possible". Translation; We only have one tool left, but it's our best one. It's a magic money printing machine that goes BRRRR.. It's our favorite little tool and we recently installed a brand new turbo-print button. We really want to push it & see what happens... Do you really want to bet against the FED? Expect more stimulus soon. Did i mention they can print unlimited money? oh I did. good.
Trade 1
Entry: 0.334
Target no.1: 0.0436 (trendline)
Stop: Currently at 0.02565861
Risk:Reward: 1:3.8
Trade 2
Entry: Below 0.0334
Target no.2: 0.0481 (0.5 LOG Fib taken from high to low)
Risk:Reward: 1:2.9
Target no.3: 0.06565 (0.618-0.65 Fib Golden Pocket)
Risk:Reward: 1:6.4
Stop: 0.0286
Target 1 is the descending trendline in confluence with BLUE Elliot wave 4 to 5 trade setup:
This is in confluence with the high probability zone for a 3rd wave:
Playing simple support and resistance levels might look like this:
(Target 2 shown here is actually target 3 sorry)
High volume node tested and showing strong support:
Reason for targets 2 & 3. Expect resistance at these High Volume Nodes and Fib levels:
ETH/USDT Gained Support?
More Detail:
Full chart:
(Target 2 shown here is actually target 3 sorry)
Never Trust. Verify.
D.Y.O.R. Not Financial Advice Just an Observation.
Technical Analysis is not about being right, it's about increasing your odds.
Be prepared to be wrong. Risk management is key. Capital preservation above all else.
Ethereum is consolidating just below long term major Support/ Resistance. This can be considered very Bullish. Don't get me wrong if the DJI and NASDAQ roll over you can expect the whole crypto market to go into free fall. But speculating that everything is going to roll over & go to new lows is exactly that. Speculation. Trade your analysis. Pay close attention to your feelings and pay even closer attention to the emotions of those around you.
The FED have said: "We will do what we can, for as long as it takes" to stabilize the markets and ensure the recovery is "as strong as possible". Translation; We only have one tool left, but it's our best one. It's a magic money printing machine that goes BRRRR.. It's our favorite little tool and we recently installed a brand new turbo-print button. We really want to push it & see what happens... Do you really want to bet against the FED? Expect more stimulus soon. Did i mention they can print unlimited money? oh I did. good.
Trade 1
Entry: 0.334
Target no.1: 0.0436 (trendline)
Stop: Currently at 0.02565861
Risk:Reward: 1:3.8
Trade 2
Entry: Below 0.0334
Target no.2: 0.0481 (0.5 LOG Fib taken from high to low)
Risk:Reward: 1:2.9
Target no.3: 0.06565 (0.618-0.65 Fib Golden Pocket)
Risk:Reward: 1:6.4
Stop: 0.0286
Target 1 is the descending trendline in confluence with BLUE Elliot wave 4 to 5 trade setup:
This is in confluence with the high probability zone for a 3rd wave:
Playing simple support and resistance levels might look like this:
(Target 2 shown here is actually target 3 sorry)
High volume node tested and showing strong support:
Reason for targets 2 & 3. Expect resistance at these High Volume Nodes and Fib levels:
ETH/USDT Gained Support?
More Detail:
Full chart:
(Target 2 shown here is actually target 3 sorry)
Never Trust. Verify.
D.Y.O.R. Not Financial Advice Just an Observation.
Technical Analysis is not about being right, it's about increasing your odds.
Be prepared to be wrong. Risk management is key. Capital preservation above all else.
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