Short

Ethereum bull case

Updated

We have seen the strong bounce from Eth:usd, we can expect a solid pull back to test support based on fib lines. we can draw it down to 114$ before we see a further surge. On the daily, the Td sequential gave us a 9 reversal below a 9 resistance with a current red 1, we also have fib 0.6fib level as resistance as well as resistance from previous price action. we have 2 doji candles at the top signalling a solid reversal. Multiple momentum oscillators(cm Laguerre, pekipek momentum oscillators) are calling for reversal.

short term is a downtrend with 1st target at 134$ and 2nd target at 114$. followed by some sideways action and a steady upward trend (see green arrows)

Trade closed: target reached

we can see that the short term drop we expected played out like clockwork however the consolidation is taking slightly longer than expected, so we need to consider a potential further break down for double bottom before we have further rally's. We can see both a green and a red TD 9 overhead calling major resistance. The news of the delay broke the dreams of many investors. here is my updated idea:

Comment

as we can see, the fractal is successful, judging the overall stance of the market, we are looking for the first higher high since December of 2017. A failure to break this downtrend channel will render me extremely bearish not only on eth but on crypto, yet there is nothing to support that kind of behaviour except capitulation.

Td sequential is on a weekly 1, a daily 3, all bullish off the support afterwhich we achieved our first higher low, a bullish sign indeed. Momentum oscillators are very bullish calling bottoms on the daily timeframe. stochastics are approaching the overbought territory but as we know it can linger there for quite a while as price continues.

i wont be placing targets here as i believe it can go much higher, and currently my targets simply seem too ridiculous, once i have evidence supporting my theory i will share.

reuben161

Also on:

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.