Scenario: up or down?
Ethereum didn’t exactly do as we thought it would. We didn't get a clean break of our breakout level, and went down quite violently while bitcoin remained steady. Let’s stick to the charts and see what they tell us to do.
DAILY
First of all, We see the giant downwards channel we’re working on. We’re hanging on to the median line, and we want to see that hold to consider bullish trades
Second, price is moving in an upwards channel. Second, ichimoku indicates that the downward move is consolidating, as all indicators move into equilibrium.
How to treat this? Our setup remains valid, although we don’t think the move to be as strong as we initially expected (as bitcoin pushed through to the max target, ethereum didn't make it past the breakout level). Now if we get a clean break of the breakout level we’ll probably reach the max target around 565 .
Let’s get a better look on the 2HR chart
2HR
There’s a few interesting things going on here. Let’s break it down.
First, look at the breakout of the prior breakout level. We broke out with an enormous hammer, followed by another enormous hammer, and then down. This was not a clean break, and we did not get in here. Traders getting in on conditional orders should be holding through, as our setup has not been invalidated, and are still on our way to our target.
Now when do we get in? As we can see price is above the kumo, and tenkan and kijun are too. One possibility is getting in off a kijun bounce or kumo bounce around the 465 area. Another possibility is getting in on a clean break of the breakout level around 495, which will give us a much higher probability of reaching our target than entering now. Especially as we’re about to touch the kumo on the daily chart, possibly pushing the price further down in stead of up.
If we do head downwards towards invalidation we may set up for a short trade, but more on that when the time comes
So, again, and again, and again, we wait. We know our breakout level, we know our target, and we know our risk. We’ll see where price moves, do as it tells us to do.
Breakout level: 495
Max target: 565
Invalidation 438
We hope you enjoyed this trade, and as always, remember,
Be patient, only time will bring you profit.
p.s. we regularly update our scenario's, follow us and receive to receive those updates!
Ethereum didn’t exactly do as we thought it would. We didn't get a clean break of our breakout level, and went down quite violently while bitcoin remained steady. Let’s stick to the charts and see what they tell us to do.
DAILY
First of all, We see the giant downwards channel we’re working on. We’re hanging on to the median line, and we want to see that hold to consider bullish trades
Second, price is moving in an upwards channel. Second, ichimoku indicates that the downward move is consolidating, as all indicators move into equilibrium.
How to treat this? Our setup remains valid, although we don’t think the move to be as strong as we initially expected (as bitcoin pushed through to the max target, ethereum didn't make it past the breakout level). Now if we get a clean break of the breakout level we’ll probably reach the max target around 565 .
Let’s get a better look on the 2HR chart
2HR
There’s a few interesting things going on here. Let’s break it down.
First, look at the breakout of the prior breakout level. We broke out with an enormous hammer, followed by another enormous hammer, and then down. This was not a clean break, and we did not get in here. Traders getting in on conditional orders should be holding through, as our setup has not been invalidated, and are still on our way to our target.
Now when do we get in? As we can see price is above the kumo, and tenkan and kijun are too. One possibility is getting in off a kijun bounce or kumo bounce around the 465 area. Another possibility is getting in on a clean break of the breakout level around 495, which will give us a much higher probability of reaching our target than entering now. Especially as we’re about to touch the kumo on the daily chart, possibly pushing the price further down in stead of up.
If we do head downwards towards invalidation we may set up for a short trade, but more on that when the time comes
So, again, and again, and again, we wait. We know our breakout level, we know our target, and we know our risk. We’ll see where price moves, do as it tells us to do.
Breakout level: 495
Max target: 565
Invalidation 438
We hope you enjoyed this trade, and as always, remember,
Be patient, only time will bring you profit.
p.s. we regularly update our scenario's, follow us and receive to receive those updates!
Daily
Stil trading within the candle of 2 days ago, nothing new here. We’re getting some resistance from the kumo, but the situation hasn’t changed.
2HR
Not making new highs yet, but seeing nice reactions off the kijun. And we;re seeing some bullish momentum building up. It’s getting more and more likely that we will reach the breakout level.
We’ll have to wait to confirm the breakout before entering.