Coin_Analyst

Warning signals for Ethereum possible sell off (4hr tf analysis)

BITFINEX:ETHUSD   Ethereum / Dolar
You can see the original post I made for Ethereum             here:


Price action in Ethereum             appears to be trapped in a channel ever since it made its high of ~$1424.00 on Jan. 13,2018.


Ethereum             bullish price swing from the bottom of the channel at ~$569.49 should have tested the top of the channel at ~$1027.01, but failed to do so. This is a sign of weakness by the bulls. Instead, Ethereum             turned back down to break Support 1. The top range of Support 2 was successfully tested at ~ $786.82.
A break below the bottom range of Support 2 at ~ $756.01 will confirm further weakness and could trigger a sell off in Ethereum             to about $387.

The bottom of the channel as drawn shows a maximum target for the sell off to be around $321. However, it is also possible to start to see profit taking into the last 10% or 20% of the bottom of a channel so it all depends on the risk/reward ratio that is being used in the trade.
The safest areas to buy Ethereum             that provide a great risk/reward ratio are :
(1) Going long ONLY after a clear breakout above the ~$977.43. A vertical projection of the width of the channel above the breakout point gives a price target of ~$1721.
(2) Wait to see if Support 2 is broken and to buy at the bottom 10% or 20% of the current channel. Somewhere in the low $330 and $360 should be monitored for possible areas to start to consider buying Ethereum             should it sell off.

Selling screnario
The best bearish scenario for now would be to see if Support 2 is broken. If it is, sell the break below the bottom range of Support 2 at ~$756.01 and a stop loss can be placed just above the top range of Support 2 at ~$786.82. Doing this would also easily give a risk/reward ratio of greater than 3:1
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