Price is at a confusing level still, and we're waiting for a proper breakdown signal before we jump into the marketplace. Price had a green candle with a large green wick, and since then, it's been pretty side-wards. There's some technical factors to bear in mind, such as that price is still right at the 20, and 50 moving average resistance level, therefore from a technical standpoint of stance, price is very bearish in this position.
Remember price has had the wick I keep mentioning - and this wick hit the side-wards resistance line. The tricky question here is - does the wick signify the top? Or does price need to retest the side-wards resistance level again before breaking down again? The answer is impossible to answer with an accurate conclusion therefore we can only sit and wait for price to do it's thing for us.
There's no point rushing in.Let's wait for the move to finish for itself. Until then, we can sit on our hands.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
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Tom, one thing that you fail to mention (and many people are ignoring) is that the green candle with the green wick a couple days ago is mostly due to Tether starting to collapse. It (USDT) went as low as ~$0.87 and has now bounced back up to ~$0.96, even though USDT was designed to track to USD exactly. It has always tracked almost perfectly until this week. I believe eventually USDT will crash and suggest anyone who trades do not trade through Tether. You (and many others) are still using USDT to chart ETH (Bitfinex has never distinguished them) and I would suggest using USD to see a cleaner chart - currently ETHUSDT ~$213 and ETHUSD ~$204
@TomProTrader, I understand what your saying and Bitfinex says USD, so I don't want to argue with you and I guess I'm wrong. I appreciate your posts and always look forward to your analysis. But I'm really confused why the ETH price has always been extremely close to the price of other exchanges and all of a sudden on Monday when Tether dropped, Bitfinex ETH price jumped so much higher than other exchanges. And, on Monday (after the huge spikes and USDT settled) while USDT was floating around $0.91, Bitfinex ETHUSD was ~10% higher than other exchanges, and now that USDT has rebounded and floating ~$0.96, Bitfinex ETHUSD is ~5% higher than other exchanges. Those ratios lead me to believe Bitfinex is using USDT. I have to admit that I don't use Bitfinex to trade so I don't have first hand knowledge of what prices traders are getting, but it just seems odd. To add to the confusion, I was always told (from extremely well informed sources highly involved with multiple coins/tokens and ICOs) that even though Bitfinex says USD, it doesn't distinguish and everything is based on USDT. I never gave it much thought before because USDT always tracked USD perfectly.
dinopiccinin
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@wbarclay, You're correct in that bitfinex is most definitely using USDT. I also think USDT is a ticking time bomb.
FerroIgnique
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@TomProTrader@wbarclay, I'm on Kraken, which has a $10 gap between what we see here on TV, which defaults to Bitfinex. I think there is some chicanery about and USDT definitely has something to do with it. Past reports have accused Exchanges of engineering the bull run LY, but other people are tying it to interest rates; Quantitative easing and Quantitative Tightening. Vis: We will be marco bear while the Fed increases rates, and switch to Marco bull when they start decreasing them. It may be searching for a cause, but the FOMC had their meeting in Dec 2016 and things fell apart. The Market went bonkers this week and ETH Barted again.
From a TA perspective, another poster has noted that the ichimoku cloud has done a remarkable job of showing ETH resistance since May and I'm adding it to my took hit for deciding when to enter positions.:
As you can see I also use the CM_Ultimate, it was really effective before, but as we entered the end of the wedge, both in BTC and ETH, but esp ETH it became less useful as things move move sideways. I think its bad news bears going forward. Price trend is down, RSI will probably tap 30 on ETH, 40 on BTC. The Wedge on the BTC RSI is interesting.
I'm short and in the green (For now)
TomProTrader
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@rpamundson, Ty for sharing
Kgear117
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Any thoughts on this being a flat of sorts correction wise from the ATH?
lukicrypto
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Heres what i though about it
ReallyMe
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To trade or not to trade? ETH has been getting on my wick for months. After much deliberation, I decided that it dies out. YMMV
JiCottrill
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@ReallyMe, i traded out of it and into singularity for a little bit. I'll wait and see if eth drops and buy back in with the rise i made from the trade