As you can see we have a confirmed breakout from the consolidation period we have just had earlier. Confirmed support at $690. Also 20 day MA and 50 day MA are looking like they are about to cross, a bullish indicator that the stock ETH will most likely go higher. Looks like ETH will retest at possibly break $700 soon (if there is enough volume) and if it does should have a nice stretch to at least $720 (Very heavy resistance here) before falling back down to 700 or finding another higher support.
In the grand scheme of things we are still in a bearish down trend so this is something I would short sell as there are some great opportunities to be had from my point of view.
This is my first TA, any questions, comments, concerns, or short speeches welcome. :D
* disclaimer - This is for educational purposes only, not trading advice. Thanks.
Trade active
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Turns out that 690 was a much weaker support than anticipated.Instead it has proved to be a much stronger resistance. luckily we had some layers of support all the way down to the 685.00 to the 680.00 range. Neverless we still broke through and are on the way to retest 700. Hopefully there is enough volume to take us over the $700 range soon.
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Looks like we are almost all systems go, prepare to have your stop loss set and enjoy the ride.
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20 EMA and 50 EMA are already converging on 15 min chart and waiting for it to hopefully do the same on the 30 min chart, if it does then we will see some very nice gains hopefully, now we just have to see if 700 is a good support soon.
Trade closed: target reached
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As expected we met with some resistance at 720.00 I still expect that we will break out further but only if we bounce back from a much closer support like 710-715 range.
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If you like or hate my analysis let me know. I am currently working on cleaning up my chart so that it is much more visible for everyone and extending my trading vocabulary, until next time ladies and gents, happy day trading. ^-^
if you waited for 10 more mins before posting you could have witnessed the $690 support getting smashed :-)
YoJah
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@tammy007, You are right, 690 wasn't as strong as anticipated, but we did break through $700 eventually :-).
oshin11
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Be careful same thing happened last June. The pattern is repeating exactly to the bar except with a shifted gann angle. This whole market is run by one entity using a deep learning algorithm, I'm almost sure of it at this point.
YoJah
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@oshin11, Thanks for the info, will definitely research further into that.