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ETHEUR trade ideas

ETH Bulls are winning this struggleWhats up people! In my previous chart i was short on ETH for a while. I didn't really make a any super great profits though because the price movments was really tricky. I actually thought we were going down way more, but I realized that we have some bullish action going here. It's a hard struggle for the bulls and personally I'm waiting for ETH to prove itself a bit more before I open a long position. As you can see the current price structure is taking the shape of a ascending triangle, which means I'm expecting the price to break out somewhere in my yellow box . We recently got rejected from that price area (which was expected, as we had produced a ascending wedge pattern). Now I'm looking to see how the price reacts with the ascending support together with the immediate horizontal support at 572€~. I'm expecting a bounce in that range and a slow climb toward my breakout zone. Patience is key here as we need to confirm in which direction ETH want's to test. At this point, as we have continually created higher lows, I'm expecting a re test of the 633€ resistance as the most likely scenario. I wish you the best of luck!
by ethhunter
5
"Eat my shorts!"So after what I saw in the BTC charts, was wondering if Ether could provide me some room to increase the long position or take some profits. Boy, is it delivering! I saw the daily candle closing in what was looked like a bull trap, smelled like a bull trap and is certainly tasting like a bull trap. Shorted the 660€ price and will now go to sleep with a comfy stop-loss on top of the left yellow overextension percentages. I'm ready to give that big of a percentage to the stop-loss because I fully trust the indicators, not because I'm idiotic. And the indicators are telling me that there's not enough money buying in anymore with prices this high. Bearish divergences in highs everywhere leave me no room to stay bullish, and the MACD histogram is certainly looking the same way. The market hasn't digested well the +12% green candle of May the 3rd, and is showing it in multiple indicators on the daily timeframe. Then, so be it! Let's get better prices to buy and paint bullish divergences in the indicators! This is why people shouldn't trade on meme-grade indicators like the classic daily 200EMA and 50EMA crossover, as it can often mislead you into buying right before everyone starts selling (crappy emotional trading) which is absolutely what everyone logged in this website should avoid. There's nothing more silly than believing that two random exponential movig averages of the price crossing over give good entry points for trading. Weak mathematical arguments behind it, IMHO; I'd rather use stochastichs, the relative "nearby" strength index and the always trustworthy MACD. It certainly isn't a guaranteed win always, but when you fully understand what the number in an indicator means, you're probably going to get caught less times wrong-footed as interpreting market behavior is trivial when you know what's behind the curtain of numbers. The scenario for the following days: we're heading towards the 600€ zone or lower (retest of the 38,20% percentile of the left white Fib, corresponding to the falling wedge we broke up weeks ago, or the yellow 100%). Price has bounced 645€-628€-638€-630€ while I was writing this post so watch indicators closely and always place stop-losses: volatility is picking up and we can swing up as easily as we can go down. Mind you weekly indicators are bullish, so the perfect combo of bull trap followed by a bear trap within a week is more than feasible. Thus, I don't know yet if I'm taking profits or increasing the long position; the only thing I know for now is I'm in a short position. If the indicators manage to continue the green lines of hidden bullish divergence in lows, I will maybe consider increasing the long position since that would be a massive sign of a continuation pattern and the main trend I consider it to be bullish for 4 weeks now. But don't forget we're still in a bear market until Big Daddy Bitcoin manages to push north of $12k; cautions are not to be overlooked yet. Be safe and please don't take the title too serious. Bart Simpson wouldn't do it either :D Have a great monday!
Short
by elpokor
2
Bulls are HODLing the lineHeads up: I bought at my target level of 600€ (watch previous post) so biased analysis here. I think there's enough hidden bullish divergences to consider a retest of highs, bears haven't manage to sink the prices and Stochastic RSI and RSI are both ready for new highs. I'm guessing we will paint a weekly doji candle... HODL my bear and watch it develop! I've plotted a new Fib overextension (dim blue, right) just in case we overshoot; those could be nice levels to short-daytrade. much needed pinchs of salt, food for thought. PS: the pairing against BTC looks even stronger, let's see who wins this battle... but there's enough signs there for bullishness although regular RSI is getting really near to overbought levels:
Long
by elpokor
7
Strongly bullish for ETHVery good moment to buy ETH. A strong support just have been reached in a mid-term bullish trend ; it's finally time to buy Do not forget that the SEC will discuss about ETH bring a security or not... if not, we can expect a very bullish trend. SEC's chairman has already stated that "it never was a security" so not only technical analysis will be on our side, but the SEC too... Remember : This is just my and technical analysts' opinion, not a recommandation, educational purpose only
Long
by Libera
3