Roof/Bottom - Consolidation ahead? (ETH)

COINBASE:ETHEUR   Ethereum / Euro
Hello everyone !

As i said, when my targets were met i would go back and look at the chart again to reevaluate the situation. Anyone who took a long position right inside my zone should still be careful as we still have a possibility of more decline ahead of us, so manage your risks.

Let's tackle my previous post and try to make a more in depth read on the current price action and talk about my last suggestion for a long entry.

Looking at my previous chart we saw the following.

A) We made the jump as i predicted from the "breakout zone, and it got rejected down as expected and pierced the support it previously bounced off.

B) We got a smaller bounce off the second support right below it.

C) However, it did not get far and almost instantly got rejected down to my long entry zone.

This was exactly how i expected and predicted it to play out, the problem for me was the pace and the volume behind it.

As you can see in this chart, the steepest drop we got was the one touching the purple trendline , which extends far back which was the bottom of my entry zone in my last post.

But I must say that I'm not entierly sure that it's going to hold, however we could definitly see a surge to the yellow dashed roof before further decline, but resistance has been building up there while we were fighting to maintain what we have so the chances are getting slimmer as we are riding on bearish waves down now.

Based of long term trendlines , and fibonacci retracements/resistances i have found a hotspot which is very appealing and carries less and is more precise.
500€ is the place, however, the effect of reaching that exact price, could also accelerate selling further, but who knows the exact bottom anyway?
Chances are that your order at a exact of 500 won't get filled though. But lets see exciting times ahead!

My call on the bottom:
Absurdly low: 465-480 (Close to double bottom before we got the large bounce which we're falling off of now).
Realistic 495-515
Or - Did we hit the bottom? :)

Comment: Update, danger is still upon us... Chart is showing more weakness:

Will update and go in depth on why we need to observe the market a bit more right now.
Comment: This screenshot is edited, I've moved down the consolidation channel.
The red dotted line is still on the same spot from previous chart.
That line is bound to get tested now.
Yeah, I'm sitting on that fiat I got stopped out with. Orders clustered just above and below 500€. Thanks for the update matey.
ethhunter mattgarbutt
@mattgarbutt, i suggest u wait , dont re enter for a while :S
@ethhunter, Yeah, I should've qualified that statement, my orders aren't using all available fiat, some still sat on the side. If it's tanking mega hard, I'll pull the orders and buy lower. Quite like having orders sat there in case I'm away from a connection if/when the next big dip comes though. Who knows where the bottom is eh?
Yeah, this is all making sense, things feel pretty fragile right now and I can't see a clear direction ahead apart from, at best, more consolidation in your channel. I got stopped out in the 520-530 range on some of my stack the other night. So, I'm now looking for another entry in the low 500s.

I'm also considering flipping some of that fiat into OMG and/or Zilliqa, the latter has really caught my eye (and money) lately. So, I might hang out with those, letting ETH decide where it wants to go, and re-enter ETH when things become clearer. The other two coins seem a bit more stable at the moment, and OMG should start to get very interesting very soon now. Monero is also looking very healthy right now, while most others seem shaky.

+1 Reply
ethhunter mattgarbutt
@mattgarbutt, There are only 2 ETH tokens that have my attention, OMG is one of them, the other is EOS. :)

Low 500 may be revisited, i think we will have some fluctuations before stabilizing somewhat.
@ethhunter, Yeah, I have some EOS too. It owes me a lot of money right now, but I'll hodl that regardless until at least, no point selling it now. OMG looks a bit stronger than ETH right now.

Have you looked at Zilliqa? If not, have a read of this (some of it re ETH seems a little factually off to me though):
+1 Reply
ethhunter mattgarbutt
@mattgarbutt, gonna check it out :) thanks
ethhunter mattgarbutt
@mattgarbutt, btw in my previous post i screenshot of a potential inverse HS, it looks like its materializing, maybe enter at the right shoulder , should be around 570-580 and not lower than 550 Ish.
np man :)
.... no 375 ETH in sights yet .. Unless we break the bottom of the yellow channel
thanks bro very nice
+1 Reply
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