Agressive channel gets punishedHello!
Looking at the 1 hour chart we can se that we have contracted the price action inside the larger channel, it's because we have pushed very agressivly all the way up to 764 and met the overbought condition in RSI, which is a incentive for many traders to liquidate some, as I said in my earlier post, getting to 750 will be a breeze, which it has been.
The problem now is to keep support coming in to sustain it, especially when we have entered a such narrow channel.
I see us getting slowed down here a bit, but we will find a lot stronger leg to stand on soon, next huge push will take us very close to 800€, however I don't think we will claim it on the first attempt, but we must work our way through it.
When we hit 800€ (it's bound to happen now), and when we do, magic will happen !
A look in the orderbook tells us that the largest resistances are in this resistance zone we currently reside in now (700-800).
800-900 is looking a lot easier to claim, but 900-1000 will be quite difficult, but with FOMO in full effect after we completly wreck 800€, i can see 1000€ in the horizon of maybe in 3 weeks.
Might even be faster than that. Enjoy your gains if you took my trade since i went long =)
Good luck!
ETHEUR trade ideas
ETH - Follow The TrendOh, hello there ! !
While we were buying around 500€ the bears have just awoken from their hibernation and suddenly are feeling very bullish now.
Yesterday "I will buy at 300€ !!"
Today F.O.M.O
Ha ha !
So what happens now?
I think we will calmy trade inside this channel with ups and downs but we will always progress higher than lower (higher lows-higher highs) - if this changes i must reevaluate my position, we should continually keep on making higher highs from now.
The next objective is to make a huge push that would bring us out of this channel, but first we need to deal with the local resistances - Dem Guerilla-Warfare Bears in 730-800 range :D
And a side note:
As a Ether Hunter my objective is to gather as many Ether as I can, well I just make trades to just to "hunt" more Ether ;)
Liquidating comes much later, like when we see >2000-3000€/ETH (So meanwhile - gotta catch em' all)!
The reason I mention this is because people have asked me about advice when they should buy and sell etc, first of all I am not a professional, I'm an autodidact (self learned trader) with a fetish for Ether, thats why I had to learn the market, secondly - I don't like the thought of giving people my opinion how they should use their capital, if hell is unleashed upon them I will be the one that gets burned.
All I can do is share my ideas, and if you like them you can trade on them, you can check my accuracy in the previous chart if that's something that interests you.
So regarding advice, the only advice I can give you is that if you're looking to get in to the market, now is a great time - as the market sentiment overall has changed, and even the bears are now bullish, well, many of them (some of those elliot wave guys are still bearish :D).
Just follow the trend!
ETH is going to break out soonETH is still struggling to breakout the resistance level on daily chart but it is going to make it soon as we can see that MACD 12 is about to cross 26 and RSI is also showing uptrend.
First resistance is at about 755ish area which ETH reached few days ago but couldn't make it and the support level is 660ish. Support is looking strong, it has touched it few time and tried to bounce back. The overall trend is looking bullish and the next resistance level would be around 853 area.
Patience is the key here.
The Silencing of the Bears? The showdown of ETH!Hello ! :)
Let's take a look at the 4 hour chart of ETH,
There we can see that there's a large pennant in the works, if this breaks out to the upside we could be in for some huge price movements.
I have set my stop loss to 670 now as this could just be a fakeout and we are bulls trapped in a slope down right into the bear nest if I am completly wrong.
Never stop second guessing yourself in this market, because perhaps I'm just a lonely bull in a bearish market, seeing the signs that i want, but i have been correct thus far in many of my calls, so I just gotta stick to it.
One thing is certain, this will be the decididing moment for the next move for ETH though.
Brace yourselfs & Good luck !
Future of Ethereum?First off, this is not a technical analysis, but a overview of the history.
So whatever happens in the day to day basis is just a drop in a ocean here.
However, one can argue that history is not really a good measure of the future, that said, this is merly a reference what has happened before.
I like patterns and analyzing them, from my perspective this is what i see in the long term.
Each time we have been faced with 2 red candles we have been in for a serious ride up, so what will happen next? Who knows.
What i can tell is that when/if next bull run happens, it's not gonna be like any other, thats what i think.
ETH The Three Signs of ReversalHello Everyone !
Let's take a look at the hourly chart of ETH,
From my previous charts i have drawn out the Ascending triangle that caused an outbreak.
From there we saw a falling wedge form, from which we broke out of with a decent amount of volume, we have since steadily gained ground in the 685-705 region.
Overhead resistance is still large, with every increment of 10€ there are big walls with ETH for sale, while the largest wall in our channel resides at 750€. It will take both volume and persistance to break upwards more. As i mentioned earlier, we are still in a bear market and we are fighting with our claws to penetrate the upper boundaries of this channel, yet to maintain it.
We are currently grinding our way up but each step forward we take, the bears take 2 back. We are recovering from a bad wound and it will take time to heal.
The large channel i mapped out is extending from the origin of the breakout, to the current high at 746€ we topped out at.
Looking at the movements we have experienced thus far I still hold on to my bullish position, however reaching 750€ and actually sustaining it could take weeks more.
I am however confident that we have set a bottom from now until I am proven otherwise, all the signs I was looking for for since going long from 550€ has been verified.
Good luck trading
Will ETH break out of the downward channel?I think it will, as soon as volume gets back into it. We will soon hit a critical point, and it will decide how far ETH will go! Fib level and channel wall need to be overcome.
By mid of the year we may have a solid 1200-2000 worth.
If we cannot break out, ETH will dip. Prepare to sell if it drops!
Fake breakouts everywhereWe have seen a lot of fake breakouts with ETH (bearish flags, bull traps whatever you want to call them).
A few things we can do to avoid them.
1. Always follow the COINBASE:BTCUSD trend. Whether we like it or not, ALL cryptos are affected by the short term movements of Bitcoins. This is the truth. Looking at the BTC/USD chart we can see we are in a bear market and the descend follows a channel like pattern where prices are bouncing off wall to wall. Yesterday, the upper wall was hit and the downward move began at 9000 USD. As a result, ETH, BCH and many others began going down as a result and the recent uptrend quickly became invalidated
2. Fibonacci lines. Dragging a FIB retracement between the highest and lowest points over a period will create a few lines inbetween which will act as both support and resistance. The price typically bounces off these for a little bit and if these lines are broken you can expect a continuation in a certain direction. DO NOT rely 100% on this. This indicator is not sufficient for an exit/entry point, but it can be used to reinforce a stop-loss point or validate some other pattern
3. Short vs Long time frames. DO NOT be fooled by an uptrend on the short term. Long term trends are STRONGER than short term ones. We are in a bearish market and let's assume the price reaches a resistance point observed on the daily candles and at the same time it breaks through a short term fibonacci level or you see a 1 hour bullish fractal. In this case, it is MUCH more likely that the price will bounce of the long term resistance and continue downwards and invalidate your short term analysis.