Updated

ETH downward wedge formation

According to the 3 hr candle, we observe a falling wedge, watch for the price to move above the upper trendline. Consider taking a long trade, and shy away from short trades. ETH strong support lines are $270, if this is broken then $262 would be the entry. The decision is obviously related to what BTC is doing at the time.

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We should see a volume spike and these tightening patterns continue a potential break. However with these low volumes I don't foresee much of a follow through. It would be wise to look at BTC and if its volatility returns, we have confidence in the above. Personally at this point, I'm not keen to try ETH, safer to watch BTC.

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Looking at the 8hr and 4hr BTC candle, we see the formation of a red candle in both instances and on the daily a diminished volume trading. RSI in the 50% range so it seems more sideways trading but with less volume. At this point, its hard to see any upward movement beyond 6550. I think the bears are in control and this will effect ETH as well. Hence we might see a downward trend unless some good news comes out or market manipulation to break the trend. My advice, sell and stay away until we have better stats.

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We are getting a pullback from BTC highs and this is effecting ETH. Lets hope that the pullback or consolidation is higher lows which translates to a bullish sentiment.

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Waiting for ETH to have a higher low.

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$270 seems to be the strong support after a health pullback, initiated by BTC. Now we start the analysis again with short/long term analysis > I think we have reached the bottom of ETH on 22 August. As you can see, the bottom is flat on 270. Here is a good point of entry (try not to be greedy for looking for some lower lows as you can miss out). Note 2nd week of October Ethereum’s Constantinople Hard Fork is scheduled to take place for capacity improvements. I view this as a means to pushing up with market confidence that the testing is completed.

ssari

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ssari

Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.

Also on: