ETH on the 4-Hr, Looking a Bit Strange to Me!
This is a perfect example why I ALWAYS ask that you guys set some sell order for higher than usual prices to catch some extremes when they try and clear stops! I noted on the chart the long candle wick where the STOP chasers cleared the positions and made no follow through on the next 4-hr candle.
ETH has been moving a bit different than normal. I feel like people are positioning themselves for news and a possible big move. There is a high probability they may drive the price much lower in an effort to clear the sell stops as well and just screw you out of your position, altogether! Be prepared for anything!
I have moved the Primary trend support line to coincide with the latest changes in price action. The Primary trendline is intact and holding on the 4-hr, so we will call it good for now. I cannot see a reason for the squeeze to $139.50 on the Volume Profile, so it appears to be the standard shady trading business. In this most recent channel, I am seeing 2 4-Hr candles with wicks more than twice the length of the body (BEARISH) with another wick building as I type this. The pattern appears to be a Bear Flag with higher prices and declining volume as seen on the Volume Oscillator.
Outlook:
I see shady business here. I have been charting ETH long enough to get a feel for how it trades in relation to BTC. My research is indicating the Constantinople fork will ripple across the crypto sphere positively. So, we could be looking at a spike in ETH. With that in mind and not knowing when the Fork will occur, how is it a bad thing to dollar-cost-average into ETH if all reasonable indications point to higher prices subsequent to the Fork.
It’s very difficult to predict ETH with changes to the network looming. I am a swing trader and just look to get my 20-percent plus out of a crypto in the shortest period of time. I always dollar cost average into all my crypto investments
Because of the previous long wick, the trend channel is skewed and portends more volatility in the short-term. I am neutral in determining direction, but long for the future prices of ETH; 6-months plus out!
I apologize for not being more specific, but I cannot see the future and TA only goes so far in a highly manipulated trading space. We are fighting against miners, and big money, so we go where they take us. All we can do is buy here and there at the best prices and look to the future for our gains. As an aside, I am bullish for the future of ETH and still hold some for the long haul. I NEVER unload all my positions even when I can get 20-percent. If there is a future in cryptos, I want to be there to make the most out of it, however, long it takes.
If you like my real take on ETH, follow me on TV and Twitter. I tell it like I see it and I practice what I preach. I enjoy interacting with my Twitter group.
Caveat Emptor,
Biff
ETH has been moving a bit different than normal. I feel like people are positioning themselves for news and a possible big move. There is a high probability they may drive the price much lower in an effort to clear the sell stops as well and just screw you out of your position, altogether! Be prepared for anything!
I have moved the Primary trend support line to coincide with the latest changes in price action. The Primary trendline is intact and holding on the 4-hr, so we will call it good for now. I cannot see a reason for the squeeze to $139.50 on the Volume Profile, so it appears to be the standard shady trading business. In this most recent channel, I am seeing 2 4-Hr candles with wicks more than twice the length of the body (BEARISH) with another wick building as I type this. The pattern appears to be a Bear Flag with higher prices and declining volume as seen on the Volume Oscillator.
Outlook:
I see shady business here. I have been charting ETH long enough to get a feel for how it trades in relation to BTC. My research is indicating the Constantinople fork will ripple across the crypto sphere positively. So, we could be looking at a spike in ETH. With that in mind and not knowing when the Fork will occur, how is it a bad thing to dollar-cost-average into ETH if all reasonable indications point to higher prices subsequent to the Fork.
It’s very difficult to predict ETH with changes to the network looming. I am a swing trader and just look to get my 20-percent plus out of a crypto in the shortest period of time. I always dollar cost average into all my crypto investments
Because of the previous long wick, the trend channel is skewed and portends more volatility in the short-term. I am neutral in determining direction, but long for the future prices of ETH; 6-months plus out!
I apologize for not being more specific, but I cannot see the future and TA only goes so far in a highly manipulated trading space. We are fighting against miners, and big money, so we go where they take us. All we can do is buy here and there at the best prices and look to the future for our gains. As an aside, I am bullish for the future of ETH and still hold some for the long haul. I NEVER unload all my positions even when I can get 20-percent. If there is a future in cryptos, I want to be there to make the most out of it, however, long it takes.
If you like my real take on ETH, follow me on TV and Twitter. I tell it like I see it and I practice what I preach. I enjoy interacting with my Twitter group.
Caveat Emptor,
Biff
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