Updated

ETH located at a crossroad

Ethereum reached the longterm descending resistance line. It has now to decide which direction it wants to go, either way the move will be huge.
My provisional targets are the yellow lines. Can't tell yet which way it will take, yet I am bearish biased.
If it takes the downward move I expect a short consolidation at the lower yellow line followed by even greater dump to probably below $20 (Capitulation).

Note

seeing a potential bart developing, may open a short position with target 108 and a tight stop loss. ideal entry above 120

Trade active

Trade closed manually

closing trade again, too much risk involved. I think a pump is very likely atm, question is if it is enough for a sustainable bullish swing or if it will just lead to another dump.

Note

pump & dump would be typical for this kind of structure. Bearish divergence in the 2-6h charts strengthens this possibility. BTC looks like it's developing a Bart formation

Trade active

reactivating short

Note

entered my shorts too early, probably going to sit this out though.. ETH longs nearing ATH.

Note

broke to upper resistance of the wedge to create a channel, seems like eth is currently kept at the top by bitcoin as it wants to reach the 0.886 fibo, but a correction is imminent. I doubt that ETH gets much higher than 155 if at all. Overall, we're still in a bear market, probably going to increase my short anytime soon.

Minitech24

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.

Minitech24