MACD 2H finally crossed to upside, expecting a HUGE triangle Short term is bullish right now but i would rather expect another denial by the upfront red channel lines. If it does so, the bullish flag scenario is on hold until it breakes either the top or the bottom side of that channel.
I'm still holding half of my longs and keep a close eye on the golden lines, since I think a breakout top is more likely in the next few days.
ETHXBT
Same Same...but different? - No, not rly... Looks like we are repeating the verysame wave we saw during the past big rise in early February. Not 100% certain how high it gonna push. Therefore , a slightly conservative anticpation. Technically, It might pump to the yellow line again, up to a value of around 0.03690!
Happy Tarding!
ETHXBT: Analyzing the multiple signals on chartIf we use Time at mode, we can detect patterns of accumulation and distribution, and use the order flow to position ourselves advantageously in any instrument, as long as there is sufficient liquidity in it to be tradeable.
In the case of Ethereum, we had a signal trigger in the weekly recently, which suggested a potential 170% rally would start, that would last up to 9 weeks.
The rally has exceeded the target, very dramatically I might add, but still has time left in it.
For the time being, I'll be observing the price action around the key support levels on chart, and monitoring for uptrend continuation signals to get involved in this market again.
The decline on chart has one more day left before it can be retraced, theoretically.
That being said, the fall has been considerably steep, showing increased volume, which makes me think this is profit taking in a large scale.
I reccomend caution, but if you want to hedge your BTCCNY or BTCUSD long exposure, maybe ETHXBT isn't a bad idea, with sufficient technical arguments.
I'll update the chart as we move forward. The weekly uptrend shows there's time left until March 13th, so, stay tuned for updates.
Cheers,
Ivan Labrie.
Don't forget BTCBitcoin has been quite stable the last few weeks.
All eyes are on Ether whilst more and more opportunity rises with Bitcoin.
The following indicators convince me of it's bullish potential:
- Support of the 20 and 100 weekly MA's
- crossing of the 20 and 100 weekly MA's
- support of the weekly closes around 2460
- hidden bullish divergence on RSI (multiple time frames)
- failure to reach new lows for weeks
- ETH will not be able to rise forever, profits might be moved over to BTC
I am expecting at least one more parabolic move on ETHXBT and will be looking to lock some ETHXBT profit into BTC. I will also keep a relatively small ETH investment for the long run.
Bitcoin & Ethereum: A price comparisonFor the most part it appears that Bitcoin and Ethereum move inverse to each other. When Bitcoin pumps Ethereum dumps and vice versa.
When Bitcoin is slowly rising, Ethereum slowly declines
However there are some rare times when both assets move in concert with each other . It seems that during the early stages of a parabolic Bitcoin pump, Ethereum tags along for the ride.
We have just witnessed an awesome increase in Ethereums price against Bitcoin. However now that Bitcoin is on the move up Ethereum in its blow off phase is on the way down and is likely to remain that way until Crypto mania starts again .
Plan B It Was... Re-Entry Opps To ConsiderSo, it chose to semi-moon and seems to be set for some cooling down here after this double top. Those are the targets to consider a reasonable re-entry to ride the next wave up to 0.0195 - 0.0200 area. Obviously, 0.01000 provides strong support from now on. However, a dump further down cannot be dismissed entirely. Trying to get filled buys at both levels might be the best way to go here.
ETH testing its strengthEthereum continued its incredible pump and reached highs of 0.00723, from 0.00392 starting point.
On our last trade, ETH was shorted. It went down from 0.00555 to 0.00500, and met strong support there. Ichimoku cloud support (red line) was tested, but not broken. Stop loss was triggered.
On our next trade, we will be looking whether ETH can break cloud up or down. I will only be trading short, if the cloud breaks down. I believe that the cloud will provide a resistance (green line) and is a good entry point for short.
If short is on, the target will be 0.00550, as it has been a key point in deciding up/down move on our previous trade and it served as both good support and resistance zone.
ETH going for full retraceHi, ETH went from .00392 in just two days to .00580 and I believe this was orchestrated pump which has now met its target and we are about to see a nice dump. Since this rise was artificial, I expect a full retrace, down to .00392.
The TA says it should go down:
1. We have broken the trendline, which just recently served as a resistance point.
2. Nice Double top.
3. Awesome Oscillator shows two sell signs: lower highs and crossing of the zero line.