Will Ethereum create an Ethereum pattern?
Updated
This week Ethereum exchanging US dollar come to 167,
Higher than previous high,
it knock the long term pressure line for 3 times forming a W Bottom, and it challenged and breaked it successfully.
(Long term pressure line: a line that can image coming down from 225.46 on 07th, Nov., 2018 to 165.15 on 24th, Dec, 2018.)
Currently it is facing following pressure(Bearish scenario):
1. Bitcoin does not follow, Bitcoin trading volume is low, and bitcoin price is still keeping standing there.
2. Counter 100 days moving average pressure.
3. While price going higher high, but trading volume a little bit decreased.
Bullish scenario:
1. weekly chart create a positive 3 white solider.
2. daily chart standing above 9 days moving average for 9 days.
3. 9 days moving average line cross above 50 days and 75 days moving average line.
Maybe it will have correction, and 164.88 will be retested. if it can standing above 100 days moving average for 3 days. Maybe Ethereum will create an Ethererum pattern that target at 200.
Higher than previous high,
it knock the long term pressure line for 3 times forming a W Bottom, and it challenged and breaked it successfully.
(Long term pressure line: a line that can image coming down from 225.46 on 07th, Nov., 2018 to 165.15 on 24th, Dec, 2018.)
Currently it is facing following pressure(Bearish scenario):
1. Bitcoin does not follow, Bitcoin trading volume is low, and bitcoin price is still keeping standing there.
2. Counter 100 days moving average pressure.
3. While price going higher high, but trading volume a little bit decreased.
Bullish scenario:
1. weekly chart create a positive 3 white solider.
2. daily chart standing above 9 days moving average for 9 days.
3. 9 days moving average line cross above 50 days and 75 days moving average line.
Maybe it will have correction, and 164.88 will be retested. if it can standing above 100 days moving average for 3 days. Maybe Ethereum will create an Ethererum pattern that target at 200.
Note
An illustrate of Ethereum Pattern
Note
Target estimated traditionally:
1st Target of The Smiling Sleeping Beauty has been reached.
2nd Target is estimated around 175 to 180
3rd Target is estimated around 200 to 220
Be caution of that 1st Target has been reached.
50 days to 75 days moving average might be can provide a good support.
Note
Let's observe if the correction has been completed or not.
Note
How fast it is.
It hit my target, already.
Bitcoin bull coming back.
Note
Two pattern:
(1). Rise up to sell
(2). Push down to buy
Guess it might be a SWAP trading.
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