ETH Bulls are winning this struggle
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Whats 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 [Breakout Zone].
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!
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 [Breakout Zone].
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!
Nota
I think crypto in general is getting another leg up here a long with BTC.I think that low cap market coins will be the most profitable in this situation as my personal opinion is that BTC will re test lower levels soon. But i think ETH will be one of the coins that will continue to gain against BTC, so longing ETH against BTC could be a great idea.
// E.H
Nota
Oh, I should probably share this too...Just in case you're all wondering bout the overall direction
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After we re test the MAJOR support i think we can have a larger rally, but this is not the one, but we'll see! If i decide to go long I'm most likely gonna take profit between 650 and 660 and reevaluate.
Nota
Getting close to the bottom of the triangle, let's see what happens from here.Nota
If you're looking to gamble or increase your profits, you can enter a trade at this point, expecing price to go to 595 at the very least (unless we break the ascending support line), stop loss below it. (570 area)Nota
Everything is conditional, but here is a forecastNota
The title is perhaps a bit misleading I realized. What i mean is that in the next 2-4 days we have a head of us, i predict price will move against the recent resistance of 614. We will have the answer soon, either we break the ascending support right here and now, and we are looking for 539 as the next bearish target, or, we break out of the ascending triangle shape upwards and make a test toward 633 which is my current idea. The overwall war be dictated by BTC movement, but ETH has showed a different resiliance that BTC has not in a few stages.Nota
Take a look at the RSINota
Nota
Maybe....Nota
Support is getting violated, so looks like we are not getting a bounce here !Nota
This is the reason we did not go long, suspected this could happen! But expected a smaller rally before the drop.i will come back with a new analysis soon!
Nota
Massive drop to the next horizontal support. ETH is taking a breather here, possibly dropping more after a small recovery, careful!New analysis later :)
Nota
This is why restraint and patience is so important in this game.I made a chart a while back predicting this drop fairly close, but I'm always continually adapting my idea's and looking at different angles, you need to have a open mind, but this does not mean that my actual trades are changing until I see real confirmation of my ideas. Everything is conditional! :)
The only regret I have is not keeping my short open for additional profits.
My telegram group is open if you want exact trades, PM me for information.
// E.H
Nota
Most probable now, unless we drop like a rock through our support / fib 236 retracement
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