Personally imo*, and by the way it looks for now, this is highly likely to be a (I repeat HIGHLY likely!). This would be a good long shot at ETH, with a possible stop-loss, if and only if the bottom channel of the is decisively broken(Great risk/reward shot here). Why would this be highly unlikely? Due to the number of times in the past few weeks, ETH has been respecting the said channel(red areas).
I do think however, that this is a typical whale play in order to tap out/Stop-loss all the weak hands, before the price can move up. The current channel that the price is moving in(unless there's a breakout on D-the falling peaks pattern drawn on the graph), it just does not make sense that Etherium , would move more down and follow the bottom channel because it would take quite a long time to reach the next ret/support 0.93 at 388. And this would just be a inside a , which should have a massively outcome.
Pair this with the recent uptrend in the BTCUSDLONGS , and the fact that etherium has been in the past few month alwaays a step ahead of btc , I'm definitely long this time on etherium- playing in for the bull trap.
Overall, if the week ends with a green candle(above 454), I'd see a good probability of a reversal and a breakout out of the (Targets 586/714). This market is not dead, yet.
Do comment your thoughts, additions or critics, as this is quite a critical time for etherium.
-Happy trading folks-
//This is not a buy or a sell sign, you decide what to do with your own money!//
If you liked my take on etherium, or other markets, agree or follow for more interesting ideas, it's all very much appreciated, cheers!
For those of you who have missed out, I'm here to cover for you. I did double check the info given in the article and it all checks out, EOS now only holds this amount of https://etherscan.io/address/0x052af704c... ethereum, which is nothing compared to that EOS was holding over 2 million Ether, couple of months back. This does explain the unusual no bounce on E bear trap(expecting a lot of buyers/bounce>>unload all the supply).
A daily update.
Good bull wicks, end support around 388/400(psychological support). Expecting some good price action during the weekend.
Midnight update. Falling wedge channel line still getting respected by a large margin.
The last update somehow did not work, this one's more detailed anyways.
EOS sell-off by this point(since it's Friday such selling operations hardly happen on the weekends), has most likely died off, or it's about to.
Main outtake from this is the angle(right now the price is playing along side it).
And the double bottom idea it's just fooling around, even though it has quite a tiny possibility, it's not not doable.
Looking at the economic figures today(Q2 GDP mainly), they're quite quite good, and in an huge uptrend. So I do not see yet a selling flag in ether, at least not this following quarter(trade war factor we'll see how that plays out).
I plotted the double bottom pattern, since most/all of the current "biggest" ether ICO's, have sold-off their ether holdings, however Ethereum is still the key for all of the new ICO's coming to the market right now, paired this with the good economy I hardly, hardly see ether going down, and if it does(bottom @200) I'll buy some more.
Parabolic breakout, should be going side weaves, to reset it's indicators. Taking long position still looks fine as he*l though.
29/06- Breakout starting 22:00(UTC)
*Typo: Ways* not weaves.
30/06 Morning update. Looking good, both in volume and price action. Magic number for a possible bullish reversal, 454(the week ends green).
It's all in the chart, not much that can be said.
Only way to make money in this game is to play dirty/manipulate the market, else it's usually just a 0 sum game