was just going through charts and updating, and noticed ETH is in one of my favourite patterns to trade! Reason being it is not only supported by the PARABOLA, the cup pattern is usually a good indicator of higher prices to come!
As I explained previously in ADA USDT chart, which has so far only had a fake out and dropped back into the handle for support.
ETH pattern shows that the current movement should achieve just under the $500 mark and with some added FOMO push us over the line!
Currently I think ETH will have a minor drop here to retest the parabola before taking off.
The CUP AND HANDLE is one of the easiest patterns to recognize and usually quite reliable. Remember no trade goes the way you want it to go 100% of the time - and that is why MONEY MANAGEMENT is essential to make money over a period of time. If you are winning an average of 50% of your trades with strict money management, you are going to win the marathon!
REMEMBER IF YOU ARE PRACTICING SAFE... TRADING ALWAYS USE PROTECTION (minimize your risk, use a stop loss. Especially in Margin Trades) ALWAYS!!!!!!!!!!!!!!!!!!!
<3 Lisa
DISCLAIMER:
The Legal stuff - I'm not financial adviser. Just a few quick thoughts - remember you sit at your computer, you push the buttons...
PS make sure you give me a like, that way you get updates as I post them.... :) <3
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ETH is heading to the support region I talked about a month ago (and thought it would never get there) well here we are $20 away... a few traders on trading view are saying sub $200.... this is why we are holding here IMO
we have strong cross support here in 3 directions (shown on my TV chart above) and the waves are valid that this is ONLY the 4th wave retrace - same as BTC a 3rd wave usually retraces to 0.5 fib....
the wave 1 here is valid as the subwaves are correct. Wave 3 doesn't need to be the longest - but it cannot be the shortest
Look at the current run up. Excluding the small correction nothing really has been tested. No moving avg. No real support test. Nothing. What this also means is that traders really dont have any opportunity to long / enter anywhere before we break 20k with great volume.
With all respect if your scenario plays out I would be worried both as HODL'er and as trader. Chances of your TA playing out are slim and I would be surprised if we just head up without ANY significant correction.
LisaNEdwards
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@deucedd, have you looked at the 2017 bullrun and how minor every correction was at that point? This is very valid and ETH has had many retraces on the lower time frames
deucedd
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@LisaNEdwards,
I actually have. This was the very first thing I analyzed when looking at the current move up. And that's actually the reasons why i commented as i did above. The move in 17 had 1.5 year of creating a solid fundament and retracing / testing priror lows prior / moving avg etc. This was why I was so convinced we were moving up then and that's why this current move doesn't feel solid.
I may be wrong, God knows I've been wrong a lot. But this move doesn't feel right.
(BTW even tho i only trade ETH I always use BTC as reference)
HaroldW
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Like your take on ETH; however, I feel for the current trend with ETH going to $850, BTC would be over 40k and I will stick with BTC going 4x over ETH. Just not feeling it and I was told long ago that sometimes you had to go with your feelings. This is not just the only horse in the race; a good horse, but not the Grand Prix winner by far. Money to be made, yes.
WorldEconomics
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@HaroldW, Bitcoin didn't reach $20,000 for ETH to be over $1,100.. so, 40k is a long ask.
Slippery09
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Those big round bottoms are much more attractive on charts than people!
LisaNEdwards
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@kryptochristo, hahaha this is true... and why i gym it ;) hahaha