ethhunter

We are waiting (ETH)

BITSTAMP:ETHEUR   Ethereum / Euro
Looks like a breakout is likely to happen around mid april/early may. This can go both ways but i have my reasons to be still be bullish despite the current price action.

Right now we are moving down in a wedge .
This is likely to break to the upside when reaching the lower end, we might hit the closest resistance point and consolidate/slowly move down again.

However we should note that the pattern isn't exactly of a symmetrical triangle but rather resembles it a bit, as we have not made contact with the lower end of the uptrend channel more than once, this is making me think that we could be extending the dowtrend a bit more outside the pennant and make contact with the uptrend line and get closing candle at least twice before we get any real confirmation of anything.

There is a a general bearish sentiment, and we are still in a downtrend but i think that we can hit a reversal sooner rather than moving down to the beginning of the uptrend e.g moving down to the major support line(s) - blue lines.

So now we are waiting... And don't jump to any conclusions to fast, acknowledging that we are still under the bears control and trade with caution, Scalp trading with small position is best here before going in for a big long.



Mar 23
Comment: The wedge will only be a temporary upswing imo, we are currently forming a bullish flag (again) so we will see a small jump up - But as we saw on the last flag which had OK run but never met it's potential, this flag is also likely to get rejected as well so I'm not gonna bother with it. As you saw on my last post the black downtrend line acted very resistive to further gains.

Regarding the symmetrical triangle i am more bullish on it than bearish, the 0.236 fib retracement has acted kinda supportive throughout this correction and would be a pretty good entry IF you are willing to take the risk. We have yet to close below it, but we might before we are going up again and this is the scenario i see coming ahead of us. (A Close near 0.236 before breaking in any direction) and this is where the wedge is heading currently.
Mar 24
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Mar 24
Comment: 4 Hour - closer look !
Mar 24
Comment: 1 H look

Mar 24
Comment: Updated more paths/resistance and support on the 1H
Mar 24
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Mar 24
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Mar 24
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Mar 24
Comment: Tricky point. Looks like it wants to go up though.
Mar 24
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Mar 24
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Mar 24
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Mar 24
Comment: Better screen, removed the overlays from 1H timeframe :)
Mar 24
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Mar 24
Comment: Dont mind the price action below the red dashed line, the price MA is bouncing of it thats why its there. So i see a bounce coming soon :)
Mar 24
Comment: Breakdown? HS
Mar 24
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Mar 26
Comment: The HS i posted earlier is breaking down, but we are still in the wedge that should produce some upside before the larger breakdown. Will update my analysis later.
Mar 26
Comment: Looking at my previous chart, ”dropping the history bomb” it seems we are targeting the 300-250€ range before we will start the new bull cycle. Will be very Interesting to see if it holds up !!
Nice one. I might copy those lines onto my chart.

Right now, I'm trading alts to build up my ETH stack rather than wading in with fiat and scalping. I always get too easily caught out on those moves and end up in bad places.

BNB and ZIL are going well right now for me (until they stop).
+1 Reply
ethhunter mattgarbutt
@mattgarbutt, nice :) I'm only watching the big 2 big (ETH/BTC) and the other als i like is EOS/OMG, i expect those to perform next rally...
We don't have much fud except the Binance/JPN threats right now and the market has been absorbing a lot of volume so this is also a reason to be leaning to the bullish side soon.. .
I think most traders are getting very caught up in the bearish sentiment (even though technically correct) i see a very violent breakout happening at the end of this pennant.
Like 20-30% upside potential...

I was actually leaning more to the bearish side just a day ago before making this chart, i was thinking 250-275€ target but to be honest there is to much money waiting on the sidelines now and it's just a matter of time before we squeeze out many shorts and start the next cycle...

I see one last steep correction, closing out exactly on the uptrend line (scaring the last ones out) before we make a big boom up... But we have no real technical indications that this is the case now, macd, and MA's are all telling us that we are in a bad spot. But RSI is looking like it want's to start pushing up again soon, we have been oversold and got rejected at 30 so we are gonna explode next move up. :)

Trading alts are a good way to stay in the market and still gain eth... which is our end goal anyway... Also, im almost certain that 2018 will be the year when ETH overcomes the marketcap of BTC, so much momentum in the space for ETH now :) It's just that the price doesn't reflect it atm.
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@ethhunter, Just caught up with this. ETH's just getting pummeled right now. But that's fine, means there's more cheap ETH to pick up and that the bounce up should be harder. I'm looking at about €300 too, with that big node of long-term support to mark out the despair part of this cycle. Looking at buys there and loading up on fiat for some possible swing trades too.

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