ETH 4-Hr On Coinbase / Look for the Pattern!
Grabbing a second wind, I thought I would look over ETH on Coinbase.
Here we look back to see the Bear Patterns and include the rectangle Poles. A bullish or bearish Flag, Pennant, symmetrical triangle should have a pole if you're trying to determine direction. We refer to this as a continuation pattern. You can see the Bearish continuation patterns and their respective "poles."
Volume is KEY to determining how big a move will happen when and if the squeeze occurs. What's troubling about ETH is the overhead resistance level on the current pattern. Typically we want to see some price distribution with some light volatility and a downward upper resistance level. We are seeing a wall being built at $125.xx level. Since we only have 2-data points as resistance, we must take this lightly, but still, give it consideration. Doesn't the current pattern look similar to the last bearish pattern?
Outlook:
We have some price distribution along the Orange Primary Trendline and significant support as well. BULLISH
There is overhead resistance denoted in the solid orange price level with 2-data points at $125.xx. BEARISH
Volume about average and is demonstrating consistent buying. BULLISH
The pattern is BEARISH and it can be confirmed if we cannot break $125.xx.
Trading Idea:
If you desire to go long ETH, I would consider buying nearer the orange primary trendline and definitely DOLLAR-COST-AVERAGE into your trades!
If you feel like a short play looks interesting, wait to see if $125.xx is going to hold as resistance. The more data points of the upper orange resistance price level the Bearish ETH becomes.
I have added some support and resistance price levels with Price Labels for your consideration as a possible entry, or exit points.
What's Biff doing? I have a little bit of ETH left over and I am going to let it ride. I am not interested in buying until I am sure I can catch a trend. One squeeze doth not make a trend, and always remember, "The Trend Is Your Friend" the title of my first chart here on TV.
When I feel better, I will get back to my usual TA. So, just bear with me as I struggle through this flu. I am living off cold medicine and stupid videos on youtube!
Here we look back to see the Bear Patterns and include the rectangle Poles. A bullish or bearish Flag, Pennant, symmetrical triangle should have a pole if you're trying to determine direction. We refer to this as a continuation pattern. You can see the Bearish continuation patterns and their respective "poles."
Volume is KEY to determining how big a move will happen when and if the squeeze occurs. What's troubling about ETH is the overhead resistance level on the current pattern. Typically we want to see some price distribution with some light volatility and a downward upper resistance level. We are seeing a wall being built at $125.xx level. Since we only have 2-data points as resistance, we must take this lightly, but still, give it consideration. Doesn't the current pattern look similar to the last bearish pattern?
Outlook:
We have some price distribution along the Orange Primary Trendline and significant support as well. BULLISH
There is overhead resistance denoted in the solid orange price level with 2-data points at $125.xx. BEARISH
Volume about average and is demonstrating consistent buying. BULLISH
The pattern is BEARISH and it can be confirmed if we cannot break $125.xx.
Trading Idea:
If you desire to go long ETH, I would consider buying nearer the orange primary trendline and definitely DOLLAR-COST-AVERAGE into your trades!
If you feel like a short play looks interesting, wait to see if $125.xx is going to hold as resistance. The more data points of the upper orange resistance price level the Bearish ETH becomes.
I have added some support and resistance price levels with Price Labels for your consideration as a possible entry, or exit points.
What's Biff doing? I have a little bit of ETH left over and I am going to let it ride. I am not interested in buying until I am sure I can catch a trend. One squeeze doth not make a trend, and always remember, "The Trend Is Your Friend" the title of my first chart here on TV.
When I feel better, I will get back to my usual TA. So, just bear with me as I struggle through this flu. I am living off cold medicine and stupid videos on youtube!
Comment:
The reason I put all these patterns up is so they get engraved in your head. In time you will be able to spot them without any lines on a chart. Little by little you build you TA toolbox.
