ETH - Finally a the Train is Picking up Steam
Updated
ETH' has much lagged the rest of the market but is starting to pick up some steam! $313 seemed to be a level it just could not overcome, but now we have not only broken through this resistance level, we are testing the ATH'. This is a great coin and one that should be part of any long term portfolio. But watching it over the past 4 months has been like watching paint dry so you can hang pictures on the wall. But finally I think the train is leaving the station and is poised on making new highs.
Other thank Vitalik's tweets, there has been nothing to exciting about this coin. Unless your a hacker or a new code writer left with the task of securing wallets, DOH! But hacks and lock boxes aside, many coins are based on the ETH' platform and at this point has a working product and some market penetration along with being the second largest market cap (currently). First to market is a coin I want to be in. Yes there may be better coins, with better code writing, and with better interns handling the keys to the gold chest and definitely better publicity articles, but it is first to market and at this point their nearest contender NEO' is still trying to get out of the starters box. Kind of reminds me of Micorsoft'.
Regardless the chart looks great currently. On the right we have a very nice upward movement and now that we have broken both critical resistance level, I think we can say that we have entered the long term III' wave. In addition we are in a mid cycle 3rd wave with a target of $575-$650. So about 50% upside in the near term. On a short term chart on the right the correction was pretty ugly after wave 1. I mean ugly, but we do have a short term count that brings us up to wave i with a small correction. Now I want to be clear, I do not like this count. We could still be completing wave v/i, but for the sake of argument let's assume it's completed. We may have to update depending on how things pan out. But this does not distract from the probability that we have entered wave 3 and III. I feel pretty confident of that and the short term cycle is negligible unless your day trading. $413 still needs to be broken but with the momentum of this past run I feel this will be a short stopping point. A break of $413 I will add a trade for the $475 area. Not the perfect trade but it should be a rather low risk to reward trade.
All in all I'm liking the chart here.
May everyone have a blessed and safe Holiday!
Other thank Vitalik's tweets, there has been nothing to exciting about this coin. Unless your a hacker or a new code writer left with the task of securing wallets, DOH! But hacks and lock boxes aside, many coins are based on the ETH' platform and at this point has a working product and some market penetration along with being the second largest market cap (currently). First to market is a coin I want to be in. Yes there may be better coins, with better code writing, and with better interns handling the keys to the gold chest and definitely better publicity articles, but it is first to market and at this point their nearest contender NEO' is still trying to get out of the starters box. Kind of reminds me of Micorsoft'.
Regardless the chart looks great currently. On the right we have a very nice upward movement and now that we have broken both critical resistance level, I think we can say that we have entered the long term III' wave. In addition we are in a mid cycle 3rd wave with a target of $575-$650. So about 50% upside in the near term. On a short term chart on the right the correction was pretty ugly after wave 1. I mean ugly, but we do have a short term count that brings us up to wave i with a small correction. Now I want to be clear, I do not like this count. We could still be completing wave v/i, but for the sake of argument let's assume it's completed. We may have to update depending on how things pan out. But this does not distract from the probability that we have entered wave 3 and III. I feel pretty confident of that and the short term cycle is negligible unless your day trading. $413 still needs to be broken but with the momentum of this past run I feel this will be a short stopping point. A break of $413 I will add a trade for the $475 area. Not the perfect trade but it should be a rather low risk to reward trade.
All in all I'm liking the chart here.
May everyone have a blessed and safe Holiday!
Note
We hit the initial trade target box. Now it was the bottom of the box and I looked at the count in a smaller time frame and it's not really clear as we could either be finishing the (iii) wave or the (v) wave at this point. What would make it clearer is a pullback to the $423-$408 levels or a pullback to the $441-$433 levels and continuation. At this point I closed my trade, as it is never a bad time to take profits and 10% in 1-2 days is a winner in my book. I know it will pullback here or at the next level where I can enter another trade. Note
Not to penny count but it was 7.8% profit. I will take that on a swing trade any day!Note
EW count update. Keep in mind corrections are difficult we could still get a 335 correction which we have been seeing on other coins. So I provided that ABC and the WXY correction scenarios. I've seen a few other counts, but none that I agree with and since we hit very close to the $482 level on the charts for our original wave iii target ($483) I feel this is a valid count! I mean how much closer can you get? So now do we surge higher or get the 335 correction we saw with BCH? Well seeing we only retraced to the 0.236 level I think it's probable we get the 335 (WXY) correction like BCH and I will be looking to add in the $430 area. However with the market as bullish as it's been and the fact 100k accounts are being opened about every 3 days on coinbase we must keep in mind going higher from here.Note
The upper chart on the right side has been relatively accurate with the EW count so I am liking this pattern the best. This is an update to the chart. Very good probability we move higher from here. I will be looking to trade from 480 to $580-$600 range to reduce cost of the core position. It is highly unlikely we correct from here but there is always the possibility so please keep that in mind and assess your positions and adjust risks accordingly. As you know I am one of a few traders that do NOT use stop losses when trading. Note
Crap wrong chart here it is.
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