TomProTrader

ETH/BTC - Opportunity To Buy

BITSTAMP:ETHBTC   Ethereum / Bitcoin
What's up traders,

Here we have ETH/BTC             on the 4H chart.

ETH/BTC             was recently trading in a flag structure, between a horizontal support level at 0.083000 and the upper side-wards resistance at 0.088700 (At pre breakout levels). Price has recently broken structure and it looks like it is ready for a new up move, to the upside target of 0.11250.

Price has broken out of the side-wards resistance. When price was testing the support previously it was making lower lows. But on the last retest of support on January 12, it broke out of structure and has now given a clear higher high. There is potential for more upside in this trade.

I am expecting Ethereum             to continue an up move. Before this, price could retest the previous side-wards support level at 0.08400 before the up move to the target begins.

This trade could play out in 2 days, I have outlined these below:

-Price successfully continues to rally to the upside without retesting horizontal support. Price will hit the upside target at 0.112000.
-Price retests the horizontal resistance zone at 0.084000 first, before going to the upside target of 0.112000.


Bare in mind, that price will more likely hit the upside target level if it retests the support zone first (As outlined in my second scenario). A retest will create a short term wave pattern, which will bring price well on it's way to the upside target at 0.112000.

If price breaks the support zone , it would suggest a sudden and severe weakness in the pair and it would not be a good idea to be a buyer anymore.

I will updating this analysis if it receives more than 40 likes.
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Balas
Um, no Tom. Just no. This thing is gonna fall to 1100 and fast. May fall further than that.
Balas
josephtse josephtse
@josephtse, Scratch that. I am referring to ETH/USD only. ETH/BTC pair may be a different story.
Balas
@josephtse, hehe, I was going to say.
Balas
Seems to be forming a double top at the moment with a resistance at the 0.1 mark. This could be followed by a bearish trend with a buy-back opportunity
Balas
Thanks for the analysis Tom!

Just a note, seems you have a small typo that is being copied across all your posts.
"This trade could play out in 2 days", I am assuming you mean "play out in 2 ways."

Would be interested to hear your thoughts on XRP and/or Stellar (XLM). Thanks again =)
+1 Balas
@adamadc, Thank you :)

Yes, thanks for correcting that. I'll make sure that's gone next time.

Will post an analysis on the pair if I see an opportunity.
Balas
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