Major corrections ocurring on a lot of Cryptocoins now. Here's my quick ETHUSD view. I'm wondering if this is just a massive correction inside the massive Bull run ETH was going, or if this is the Bubble finally popping, meaning there's a potential Bear trend to follow.
No targets here. I will be following the movement based on my Support and Resistance Areas, as well as keeping an eye on the Trend Line. I've drawn several Trend Lines, the darker they are the healthier the growth will be, I believe (move chart downwards to see them). This means that I can expect more downwards movement stopping on one or all of these Trend Lines, and make small trades based on these and my Support and Resistance Areas, aided by MACD and RSI.
I've drawn a Dashed Blue Tren Line as our temporal trend, and if it holds I will assume that we are still in a Bubble and that this huge dip was just a Correction inside the Bubble.
Trade with caution, only what you can afford to lose. Make your own analysis and decisions. Feel free to use my charts as reference.
No targets here. I will be following the movement based on my Support and Resistance Areas, as well as keeping an eye on the Trend Line. I've drawn several Trend Lines, the darker they are the healthier the growth will be, I believe (move chart downwards to see them). This means that I can expect more downwards movement stopping on one or all of these Trend Lines, and make small trades based on these and my Support and Resistance Areas, aided by MACD and RSI.
I've drawn a Dashed Blue Tren Line as our temporal trend, and if it holds I will assume that we are still in a Bubble and that this huge dip was just a Correction inside the Bubble.
Trade with caution, only what you can afford to lose. Make your own analysis and decisions. Feel free to use my charts as reference.
Note
15min ChartPossible small Short if top of Small Support is retested soon.
Entry - 152.88
Stop - 160.44
Target - 141.59
R/R Ratio - 1.49
Price might continue horizontal, or just continue upwards. But if current support fails, this small short might turn out good.
Note
15min ChartSetup didn't materialized. If new 15min candles open and close inside Mid Resistance (Red area above 160.00) I will look for a small Long setup.
Note
4hour ChartMACD closing in. Lower low on RSI from the 18th to yesterday, and higher low on price. Looks like price is heading back to 4hour MA 20.
4hour Chart
Same chart with my Resistance Area, 170.00 area seems to be it, confluency on the Fibonacci Levels, plus area has previously served as Support and Resistance.
15min Chart
RSI finally catching up with price move. Fibonacci Retracement could point for a possible retest of 157.00 -160.00 area, but we first need to reach 170.00. We might go even higher of 170.00 before going back to retest a firm support.
Note
15min ChartNote
sorry...15min Chart
Price indeed went up after reaching 170.00, although it did took some rest there.
Then as I had predicted on the last update, price fell back to our previous support. I think there is, or was, a chance for a small Long at this point. I say "was" because price has just spiked above resistance as I am writing this, but there hasn't been any close above, so we might still have a chance.
15min Chart
Small Long setup can be something like this, if market gives us the chance again, but then if it indeed gives us the chance, it might mean that a Long is not a good idea. Anyways:
Entry - 156.18
Stop - 143.83
Target - 175.69 or more
R/R Ratio - 1.58
Note
4hour ChartBull Divergence seems to be pretty well setup by now, shown by the magenta arrows. Would just wait for larger volume to say that this upwards move has strenght, but it is still Sunday here. Anyways, Small or Medium Long might actually be a good idea now.
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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.