CheddarBizcuitz

CheddarBizcuitz

Double-bottom breakout attempt in progress as we look to make a push back to H4 200EMA (~4000). Daily MACD slowly moving towards divergence and Chaikin to zero line. A close on the current H4 candle (above/below 3800 neckline) could determine momentum for the upcoming week.

CheddarBizcuitz

Happy 2022 everyone :) Not the most encouraging post to kick off the new year but I think it's an important one based on the amount of growth we've had in 2021. $ETH closed around $740 at the end of 2020 and $3680 yesterday which is nearly a 400% annual increase. Yes we could continue up from here but from a realistic standpoint a correction seems more...

CheddarBizcuitz

EOY is finally here and we're definitely a bit lower than expected due to the recent breakout; tbh I'm not quite comfortable with the direction this could go. I'll post long-term thoughts on the daily tomorrow but the gist is a potential correction to 3300 over the next several weeks. The only bullish scenario imo is a double-bottom off 3600 to breakout 3800...

CheddarBizcuitz

Nice recovery to push us back into wedge pattern; 3600 support held in well to prevent a (bearish) breakout. H4 MACD may trigger divergence soon in an attempt to push past 3800. Current daily shows a railway pattern which could turn to engulfing if momentum continues. Still holding my funds as we didn't close below support although I'd prefer to wait until EOY...

CheddarBizcuitz

Further correction underway as daily MACD triggers convergence phase. A quick dip and recovery to wedge support (slightly adjusted) could set us up for a potential hammer reversal if we can hold here. Expect resistance between 3800 and 3900, with support continuing along 3750 and the lower wedge trendline.

CheddarBizcuitz

Huge rejection at H4 200EMA to push us out the ascending triangle and below long-term lower trend. Weekly back in the red. Support at 4k and 3900 failed to hold as we look to test the prior lower limit of 3800. Based on momentum, we could see a dip all the way to wedge support (~3650). 3600 is still my trigger to sell (break and close). A reversal here could...

CheddarBizcuitz

Looks like we could breakout soon; ascending triangle resistance extended from 4k to 4100 as it appears we're still within pattern cycle. Expecting some resistance at 4200 but based on price consolidation over the past few days we may push straight to 4400. Highlighted zone indicates potential EOY high. 4k still main support imo but signs are mostly bullish....

CheddarBizcuitz

4k support held in to form a sight double-bottom with neckline around 200EMA; potential breakout could occur within the next 24 hours. Recent dip likely due to holiday sellout + alt push although another retraction could pose some issues. Keep an eye out if we dip below 4k. Also, if you've traded on Opensea anytime since launch (2018) then you may qualify for...

CheddarBizcuitz

Happy holidays everyone, hope everyone has a safe and prosperous upcoming year :) Based on recent price action it looks like we could bounce between 4k and 200EMA for the next few days (potential double-bottom). I am expecting another (bullish) breakout before EOY. Support on weekly convergence has held in much stronger than anticipated and holiday/post-holiday...

CheddarBizcuitz

Nice breakout off the ascending triangle to send us back to H4 200EMA. Support holding well at 4100 to prevent a quick selloff; maintaining this price range could set us up for another push (~4200). Overall, charts are starting to look a bit more bullish. A continuation of this momentum could put us near 4500 EOY (4400-4600 range).

CheddarBizcuitz

Yesterday closed in the green to begin daily divergence; a good sign that a bit more bullish action may come. H4 chart also shows another dip and recovery off downtrend high which sets us up for an ascending triangle breakout. I'm expecting either a push to 200EMA (or 4200) or a hold at 4k to cause a bit more sideways action within the highlighted zone (see...

CheddarBizcuitz

$ETH refuses to budge as we attempt a first close on daily MACD divergence; another potential hammer pattern forming on H4 although we may not be as fortunate this time. Retraction on H4 candle did not pass trendline high (just 'extreme') which is a good sign, but the fact that we didn't hit 200EMA (~4100) off the breakout is a concern. IMO it's very possible...

CheddarBizcuitz

Nice momentum off a slight double-bottom to send us back to 4k. Current resistance holding at downtrend extreme high; if we breakout expect resistance around 200EMA. IMO this was the only opportunity for a short-term bullish reversal (see yesterday's post) and it sets us up well to push to the lower trend average (dashed purple). Keep in mind that we're still...

CheddarBizcuitz

Downtrend resistance zone not budging, causing $ETH to break 3900 as well as long-term lower trend. Current low holding around 3750 (wedge support) as we look to push back off a potential hammer reversal pattern. Charts pose some concern if a (bullish) breakout doesn't occur soon; as downtrend continues, price will eventually consolidate below the long-term...

CheddarBizcuitz

4k resistance continues to hold as consolidation creates some sideways action. A quick drop to ~3850 is still possible, although less likely imo, due to 3900 support on last few candles. If we do break long-term lower trend (3800), look for support between wedge (3750) and downtrend (3700). 3600 is still my sell trigger.

CheddarBizcuitz

Slight double-bottom formation to potentially trigger a breakout on this downtrend; neckline seems to be around 4k as 4120 is beyond pattern resistance zone. Second blue line added to show downtrend high (versus extreme high) which could create some more sideways action if 4k resistance doesn't budge. Quick correction to 3800-3850 range is possible. Support at...

CheddarBizcuitz

Another dip below lower trendline and another nice recovery to form a hammer reversal pattern. D1/W1 charts look like they could follow if momentum continues. Highlighted zone is where I believe the price should maintain if we want to attempt a (bullish) breakout. Current resistance holding around 3900 with major somewhere between 3950-4k. Test zone at 4100 but...

CheddarBizcuitz

Strong market recovery to deny breakout and push us back into wedge. It's possible we see a reversal to this downtrend soon. H4 200EMA (4200) marks the expected test zone and new major resistance, with 4k acting as support. Another dip below the lower trend (solid purple) could pose a threat in re-triggering bearish momentum. If this occurs I'll post my analysis...