chwi03

Bearish divergence on ETH?

COINBASE:ETHUSD   Ethereum / Dolar
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On the 1 hour chart, there is increasing bearish divergence since yesterday. I'm not making any predictions based on this - simply wanted to let people know of this indication. Ethereum certainly has room to climb, but based on the major gains of the last few days, it also certainly has room to retrace in the short term before making the next push.
Komen: Showing some signs of wanting to turn around at 935-945. However, BTC is showing signs of wanting to drop considerably on it's 1 hours chart. When BTC drops significantly, often is brings ETH down with it.... however, we've seen a couple times in the last few days where as soon as BTC starts dropping, the money will rotate over to ETH, bringing it back up. Waiting game now to see which way ETH reacts if BTC drops.
Komen: I did put some money in at $940. Climbing for the moment.
I agree. Where do you think it may retrace to re enter. ? Dan
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chwi03 danielgwatkin
@danielgwatkin, bear in mind that I am a new trader (3 months, but studying hard!), but based on simple trend lines, if it falls below the moving average indicator, then I think the orange horizontal line has a decent chance of being respected as a new short-term support line. It was a strong resistance line the last few days because it also corresponds to the previous ATH. Additionally, the slightly longer-term yellow trend line is moving upwards as additional support.

If it breaks below these, then analysis from others would be needed! For my own drawings, I am currently only comfortable with channels, trends, and support/resistance. For fib, ew, etc, I use other trader's ideas to confirm my own.
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chwi03 chwi03
I forgot to re-iterate in my reply that I'm not predicting it will go down first. I guess I give it a 50/50 chance (helpful, huh?) of retracing before going up. But... if we do retrace then I personally like my support lines. I've seen others say we are on our way to a number as high as 1,170 with this current rise. I like @MarcPMarkets and @goldbug1 for their non-emotional trend analysis. I think you can see my "following" list also.
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chwi03 chwi03
further-out view of the orange trend lines. https://www.tradingview.com/chart/gI0Gd7UU/
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