I don't follow the market, the market follows me. Ethereum!
Updated
Ok so I have a ton of faith in my charts, but I am amazed when post an analysis, and the price hits the EXACT number I say it is going to. I LOVE it! If you've been following any of my Ethereum posts recently, it literally seems like I made a post, and ethereum follows my lead. At some point, I will be wrong, and I understand that anytime I analyze a chart.... anyways though, here is my latest update on Ethereum, lets get right to it, looking at the hourly chart this time!
In yesterday's analysis, I stated that Ethereum was likely to trade down to AT LEAST the rising black trendline, with a stop at $650 in the middle. It was an educated predition, but even I didn't expect it to hit EXACTLY $650 before bouncing and consolidating. That was pure total awesomeness. We have formed a rough bear flag pattern that we are currently trading within. This is likely to break to the downside at some point relatively soon, sending the price to it's next stop on the journey... my rising black trendline and possible neckline of the MOTHER OF ALL HEAD AND SHOULDERS Patterns dating back to early December, which I've been posting about for quite some time now.
I expect to see some solid support at that line, but it very wel could break, and if it does.... look out below. The target of this head and shoulders would put the price in the negatives... that won't happen but things will not look good for ethereum.
Where am I at in all of this? I went short on Ethereum at the time of my last post, booked some profits at 650 and hope to book the rest right around the rising black trendline. Why would I do it there if it is possibly going to move even further down? Strictly so I can guarantee decent profit, exit my position, and regroup to possible take another position.
One thing I have learned, and am still learning through making mistakes... is that I need to focus more on MAKING profits, rather than MAXIMIZING profits. If i try to make the most out of every single move, as opposed to going for more secure, smalled gains, I usually end up making the wrong move. I need to analyze the charts, set targets AND stop losses.... and make my trades based off that and strictly that. I get out when I hit my target regardless of what the price might be doing, and then reasses to see if it makes sense for me to renter.
Anyways though, I really don't know what is going to happen if/when we hit that rising black trendline / possible neckline of the head and shoulders... so if and when we reach that line, I'm going to book some fairly significant profits on the trade and then step back and take a look at what is happening. Until then... I will keep an eye out for a possible bullish reversal, and if I see it, I'll close my position, feeling satisfied with the trade since I already booked some decent profit on it.
Thanks for following me on this journey guys... hope you get something out of my charts, and if you do, please like, comment, share, follow ETC! Thanks and good luck!
In yesterday's analysis, I stated that Ethereum was likely to trade down to AT LEAST the rising black trendline, with a stop at $650 in the middle. It was an educated predition, but even I didn't expect it to hit EXACTLY $650 before bouncing and consolidating. That was pure total awesomeness. We have formed a rough bear flag pattern that we are currently trading within. This is likely to break to the downside at some point relatively soon, sending the price to it's next stop on the journey... my rising black trendline and possible neckline of the MOTHER OF ALL HEAD AND SHOULDERS Patterns dating back to early December, which I've been posting about for quite some time now.
I expect to see some solid support at that line, but it very wel could break, and if it does.... look out below. The target of this head and shoulders would put the price in the negatives... that won't happen but things will not look good for ethereum.
Where am I at in all of this? I went short on Ethereum at the time of my last post, booked some profits at 650 and hope to book the rest right around the rising black trendline. Why would I do it there if it is possibly going to move even further down? Strictly so I can guarantee decent profit, exit my position, and regroup to possible take another position.
One thing I have learned, and am still learning through making mistakes... is that I need to focus more on MAKING profits, rather than MAXIMIZING profits. If i try to make the most out of every single move, as opposed to going for more secure, smalled gains, I usually end up making the wrong move. I need to analyze the charts, set targets AND stop losses.... and make my trades based off that and strictly that. I get out when I hit my target regardless of what the price might be doing, and then reasses to see if it makes sense for me to renter.
Anyways though, I really don't know what is going to happen if/when we hit that rising black trendline / possible neckline of the head and shoulders... so if and when we reach that line, I'm going to book some fairly significant profits on the trade and then step back and take a look at what is happening. Until then... I will keep an eye out for a possible bullish reversal, and if I see it, I'll close my position, feeling satisfied with the trade since I already booked some decent profit on it.
Thanks for following me on this journey guys... hope you get something out of my charts, and if you do, please like, comment, share, follow ETC! Thanks and good luck!
Note
Sorry guys, I have to update my rising black trendline a little bit. Doesn't change the outlook or my analysis really but I must have shifted it by accident... Depending when me meet the trendline (if we do), it'll probably be in the $622 - $628 rangeNote
Although my black trendline did try to pull the price back up.... Ethereum's downward momentum was too much for it to hold up. The volume wasn't SUPER convincing on this. What I'd really like to see here, which I think might be happening shortly, is for Ethereum to trade back up to that line and confirm it as resistance. We will then officially have a MASSIVE head and shoulders confirmed that spans over three months! If price were to break back above the neckline, which it very well could, we still do not have a confirmed head and shoulders. Either way, things not looking to good for Ethereum right now.
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