DanRoth
Long

Poloniex ETH/BTC Long Bullish Support

POLONIEX:ETHBTC   Ethereum / Bitcoin
8 months ago
Firstly, we see in this chart that buyer pressure is much higher than selling pressure at this juncture. We are in a critical space where shorts should have easily broken the barrier but they barely grazed it. As you can see RSI is holding strong and stable through this "dump." Volume is a bit low, but that's how it is before the surge of buyers see money pouring into longs.I believe today we will break that triangle and follow in the proposed up-channel. There simply is nowhere else to go but up.

The volume on Polo (at least) shows buyers holding strong till at least 0.0240, whereas shorts have a weaker position at 0.0270. I think the volume is like roughly 1750BTC:1250BTC. This is very telling because it is almost indicative of artificial sells to drive prices to a "good value" spot. This leads me to believe they too are bullish . As a result, I believe a good value position is right now. I personally will be taking a position.
8 months ago
Trade active: Bought in at an average price of 0.025
8 months ago
Comment: If you take a look at the order book 500 listings down, buy side holds very strong at 0.0240, whereas sell side is super weak at 0.0265.
http://imgur.com/X4jEvr8
8 months ago
Trade closed: stop reached: I reached my stop loss last night as I was sleeping. Misread the market. Closed at 0.024
DanRoth
8 months ago
Trend lines adjusted using the weekly chart and added a fib retracement.
snapshot
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