Quickpost: Ethereum similarities comparing late 2017 and now
The price action on Ethereum has clarified quite a bit over the last couple of weeks as have the crypto market generally. Just a few period ago the price action was below both spans of the ichimoku cloud (crypto settings) with a whole red candle body and below the MACD EMAs with most of a red candle body after a MACD-Signal cross. Generally that is very bearish. I have not shown it but there are plenty of examples where uptrends have been ripped to shreds under these conditions. So I do admit some surprise that price has recovered so neatly.
The chart covers quite a bit so I shan't be too repetitive. Price action being above the both spans after a slapdown below both spans without a cross is pretty bullish. Same with price going below the MACD EMAs and not crossing. This is one reason why I like to visualize the MACD EMAs as you can see sometimes the EMAs themselves interacting with price action with price riding the 12 bullishly or being rejected by the 26 bearishly.
We have less than 30 hours before the weekly candle closes and it is very probable that the MACD-Sigal cross will complete. I haven't show it, but it is also pretty clear that there is a bunch of bullish divergence in the MACD histogram to basically ever other histogram low of all time so that increases the odds of a sustained MACD cross and the positive price action that causes that.
There is a pesky trendline that needs to be watched. That is the euphoria line and when it gets crossed price action could double in a week and then we start the painful process of going through the crash and hangover.
The linked idea is similar, except it compares the daily SMA and EMAs. The best view image in the chart is here though:
The linked idea TLDR:When the daily EMAs and SMAs both stack bullish price has been impulsing and will likely continue.
The chart covers quite a bit so I shan't be too repetitive. Price action being above the both spans after a slapdown below both spans without a cross is pretty bullish. Same with price going below the MACD EMAs and not crossing. This is one reason why I like to visualize the MACD EMAs as you can see sometimes the EMAs themselves interacting with price action with price riding the 12 bullishly or being rejected by the 26 bearishly.
We have less than 30 hours before the weekly candle closes and it is very probable that the MACD-Sigal cross will complete. I haven't show it, but it is also pretty clear that there is a bunch of bullish divergence in the MACD histogram to basically ever other histogram low of all time so that increases the odds of a sustained MACD cross and the positive price action that causes that.
There is a pesky trendline that needs to be watched. That is the euphoria line and when it gets crossed price action could double in a week and then we start the painful process of going through the crash and hangover.
The linked idea is similar, except it compares the daily SMA and EMAs. The best view image in the chart is here though:
The linked idea TLDR:When the daily EMAs and SMAs both stack bullish price has been impulsing and will likely continue.
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