We are approaching the end of a symmetric triangle. If there is a breakout, eth might pop up. Let's see how it goes. Anyways, right now people feel too "safe" and "happy" because of BIP 91 and they are putting aside ETH (volume has decreased a lot in the past couple of days coinmarketcap.com/currencies/ethereum/historical-data/).
It is important to not let the euphoria take over you. Therefore, it is recommended to wait what's going to happen on july31-August1st. I expected a violent rally on eth due to btc uncertainty hard fork. Since that did not happen, eth is still on the edge. It might gradually increase because right now people are blinded and they see only btc.
Hope you appreciated. Thanks.
Feel free to comment what you think.
Cheers
Sebastiano
Trade closed: target reached
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Hi guys, We broke down the symmetric triangle, therefore the pattern did not work as expected. It means that buyers were waiting for a more significant level (in terms of risk/reward ratio as well). In fact, we experienced a nice price rebound on the support zone (green area). After that, a rally occurred as correctly predicted, reaching our target, which is also an important level. Stay tuned guys;)
Cheers,
Sebastiano
Comment
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here a better view of the price action (4H time frame)
with the new knowledge that volume decreased with the uncertainty, can you make a guess what will happen next? another drop?
Sebatrader1
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@AndreasAerts,thanks for your question. We are experiencing a decreased in volume due to high uncertainty backed by a sort of "fear" before August 1st. As you can see we are moving up and down in the range 210-170. We are consolidating a little bit. We could go down testing the support area 160 and then 120 due to high expected volatility before the event. It is important that we do not go below 120 otherwise we might break the bullish phase and sentiment.
Anyways, the best thing to do right now is to wait and look from the window. Let's see what's happen after August 1st and I will come back to you. Cheers. Sebastiano