ETH on the 4 hr BIFF'S Quick Review!
Updated
In my previous ETH chart, I stated, “For my readers: I will state I have a bearish bias until I can determine the primary trendline will hold. I also feel that ETH wants to decouple from BTC for a short time. “
The Primary orange Dotted Trendline has held as support with recent candle price action demonstrating some downward probing wicks. There is no doubt the price action was inflated before the fork and now we are left to consolidating to lower prices. If the Primary Trend breaks my first recommendation is to consider the .382 Fib price of $127.54.
Always remember to DOLLAR COST AVERAGE into each trade; never chase your trades! If the .382 Fib level does not hold the next level to consider is the next lower High-Value Node price action between, $122.00 and $124.00 denoted by the lowest green trendline.
You should give consideration to the shrinking volatility in the recent candles (4hr) and declining volume. This could lead to a precipitous drop in price if we began to trade nearer the primary trendline.
What’s Biff doing?
ETH looks Bearish!
I am not a buyer at these levels -- when I am giving high probability to better pricing below. I can make an estimate that if we have a volatility move it will be around $14.00, which would put us near $120.00, or just below the high-volume node mentioned above. The same move can happen if we break out north with a predictive price of $152.00 or the Value Area High.
Don’t forget to give Biff a thumbs up and follow me on Twitter where you be the beneficiary of my quality humor and Realtime crypto updates! I will leave a link to my last ETH chart analysis. Oh, the excitement!
Best,
Biff
Let me know if I made any mistakes? I work hard to give you guys free charting analysis!
The Primary orange Dotted Trendline has held as support with recent candle price action demonstrating some downward probing wicks. There is no doubt the price action was inflated before the fork and now we are left to consolidating to lower prices. If the Primary Trend breaks my first recommendation is to consider the .382 Fib price of $127.54.
Always remember to DOLLAR COST AVERAGE into each trade; never chase your trades! If the .382 Fib level does not hold the next level to consider is the next lower High-Value Node price action between, $122.00 and $124.00 denoted by the lowest green trendline.
You should give consideration to the shrinking volatility in the recent candles (4hr) and declining volume. This could lead to a precipitous drop in price if we began to trade nearer the primary trendline.
What’s Biff doing?
ETH looks Bearish!
I am not a buyer at these levels -- when I am giving high probability to better pricing below. I can make an estimate that if we have a volatility move it will be around $14.00, which would put us near $120.00, or just below the high-volume node mentioned above. The same move can happen if we break out north with a predictive price of $152.00 or the Value Area High.
Don’t forget to give Biff a thumbs up and follow me on Twitter where you be the beneficiary of my quality humor and Realtime crypto updates! I will leave a link to my last ETH chart analysis. Oh, the excitement!
Best,
Biff
Let me know if I made any mistakes? I work hard to give you guys free charting analysis!
Comment
Keep an eye on the trendline, if it holds we could have a volatility squeeze. Which direction? I am as unsure, as the next guy, but the probability and the most recent time price recorded leaves me believing we could have a fake out. A precipitous decline in price with a sudden rebound to the POC. And, of course, we could just trade right through the primary and move slowly back the POC. I am preparing to buy if price collapses.Comment
The Primary trend is no longer holding as support and should become resistance. I am still wary this is an attempt to wipe the board of stop-loss orders and make way for the bigger players to mess with the price action.Comment
Orders in @ $122.00Comment
If you're not following Biff, you might want to rethink that!Comment
Expand this chart and watch these nodes.
Comment
Wow, we just used the orange primary trendline as support. This is quite rare, but the candle has not played out yet. Also, note we are trading right the POC! I am hoping you guys are seeing how powerful my style of charting really is. And it's very simple to learn. We do not need the RSI to demonstrate overbought/oversold, or a MACD for convergence/divergence, CCI, CMF, and while all these indicators have their use, a volume profile with strong trendline analysis will tell you everything you need to know. I will teach you the power of trading with a volume based bias!
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