ETH trying to shape another parabolic move
Updated
Previous analysis worked out quite nicely with the bull flag. Went to the 260ish and then slowly moved up and then broke out perfectly with good volume, as a breakout should be. On the daily, we can see the volume was not big at all. So it doesn't really feel like a real long term breakout, but more like a breakout with low resistance. But same deal as my LTC analysis, it's crypto so volume is not always clear since it sometimes just does what it wants.
In the middle it starts to look a bit like the start of some temp top formation, with the resistance being around 315/320. This market has been a lot about parabolic shapes and it looks like ETH is also starting to make one now. The pattern simply means that we get to see a row of higher lows, showing bulls getting more eager to get in with each drop. Reason why it always dumps so hard when it fails, because IMO the inpatient people are usually leveraged buyers who like to buy the highs, so that when it fails, we get a snowball of stops triggering crashing the price usually.
So for now, i would simply be looking up here until the curved line breaks. Think the zone to watch is 300/320
Previous analysis:
In the middle it starts to look a bit like the start of some temp top formation, with the resistance being around 315/320. This market has been a lot about parabolic shapes and it looks like ETH is also starting to make one now. The pattern simply means that we get to see a row of higher lows, showing bulls getting more eager to get in with each drop. Reason why it always dumps so hard when it fails, because IMO the inpatient people are usually leveraged buyers who like to buy the highs, so that when it fails, we get a snowball of stops triggering crashing the price usually.
So for now, i would simply be looking up here until the curved line breaks. Think the zone to watch is 300/320
Previous analysis:
Note
Again a rejection at that 320ish zone, but happened because Bitcoin took a big dump again. At the moment Bitcoin and the rest are trying to hold their support levels. Even thought there is still a lot of buying, selling pressure is also still getting in now. Think if ETH breaks that level on the left, which is similar to the support of the curved line (this line is a bit subjective, so cant know where it is exactly, but dont think i am far from it here.
The 300 is also a big support, but if we shoot straight through it, it could get very ugly. If we don't see a big volume sell wave, maybe the 300 might still hold
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.