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Long

ETH Morning Update 29/06/18,Heavily manipulated or just bearish?

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
How confusing ETH/the whole crypto market can be these days?

Personally imo*, and by the way it looks for now, this is highly likely to be a falling wedge (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 Falling wedge 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 rectangle 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 falling wedge 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 falling wedge inside a falling wedge , which should have a massively bullish 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 bullish reversal and a breakout out of the falling wedge (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-
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Disclaimer:
//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!


Comment: https://www.trustnodes.com/2018/06/26/eo... 0x36AbD00fbD34900e056C7e986B501BbD55554C0C
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).
Comment:
A daily update.
Good bull wicks, end support around 388/400(psychological support). Expecting some good price action during the weekend.
Comment:
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.
Comment:
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.
-Happy Trading-
Trade active: BOOOOM! Easy.
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)
Comment:
*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.
Trade closed manually: Target reached, 10% up, waiting for a bullish breakout above "breakout confirmation zone", didn't do a chart for ethereum but it's basically the same, and I'm pretty much following both bitcoin and etherium if I'm about to enter a position, so it's pretty relevant.

Comments

great
+1 Reply
every market is manipulated, I ve been saying this, the banks are in buying up all the coins who do you think is buying when you are selling,
Never sell just keep buying
+1 Reply
@ESSCRS,
Only way to make money in this game is to play dirty/manipulate the market, else it's usually just a 0 sum game
Reply
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