Hello Everyone !
Let's take a look at the hourly chart of ETH,
From my previous charts i have drawn out the Ascending triangle that caused an outbreak.
From there we saw a falling wedge form, from which we broke out of with a decent amount of volume, we have since steadily gained ground in the 685-705 region.
Overhead resistance is still large, with every increment of 10€ there are big walls with ETH for sale, while the largest wall in our channel resides at 750€. It will take both volume and persistance to break upwards more. As i mentioned earlier, we are still in a bear market and we are fighting with our claws to penetrate the upper boundaries of this channel, yet to maintain it.
We are currently grinding our way up but each step forward we take, the bears take 2 back. We are recovering from a bad wound and it will take time to heal.
The large channel i mapped out is extending from the origin of the breakout, to the current high at 746€ we topped out at.
Looking at the movements we have experienced thus far I still hold on to my bullish position, however reaching 750€ and actually sustaining it could take weeks more.
I am however confident that we have set a bottom from now until I am proven otherwise, all the signs I was looking for for since going long from 550€ has been verified.
Good luck trading
Let's take a look at the hourly chart of ETH,
From my previous charts i have drawn out the Ascending triangle that caused an outbreak.
From there we saw a falling wedge form, from which we broke out of with a decent amount of volume, we have since steadily gained ground in the 685-705 region.
Overhead resistance is still large, with every increment of 10€ there are big walls with ETH for sale, while the largest wall in our channel resides at 750€. It will take both volume and persistance to break upwards more. As i mentioned earlier, we are still in a bear market and we are fighting with our claws to penetrate the upper boundaries of this channel, yet to maintain it.
We are currently grinding our way up but each step forward we take, the bears take 2 back. We are recovering from a bad wound and it will take time to heal.
The large channel i mapped out is extending from the origin of the breakout, to the current high at 746€ we topped out at.
Looking at the movements we have experienced thus far I still hold on to my bullish position, however reaching 750€ and actually sustaining it could take weeks more.
I am however confident that we have set a bottom from now until I am proven otherwise, all the signs I was looking for for since going long from 550€ has been verified.
Good luck trading
Comment:
We are currently trading at the lower edge of this channel right now, idk whats going on but tradingview bugged out yesterday when i was making this chart and it seems i cant see the progress here. I expect a bounce to the uppger resistance at 700 unless we continue to ger dumped on (feeling that is unlikely but still a possibility) in that case we need to reasses the situation, we might see a extended consolidation period before any larger movements, i still see 635 as ideal short term stop loss, we might bounce inbetween resistance and support until one or another side is exhausted, but i still think that the bulls are on the rise here.
Comment:
6 hour pennant almost completed, it’s make or break, if we drop lower Than 670 i will close my trade and reevaluate. It may very well be a game of whales and bots steering this ship. Hope not, I’m getting very mixed signals from the market right now, very undecisive, the pennant should reveal where the market wants to head, tread carefully.