Hello everyone,
This is my first educational idea on Tradingview and I hope it would be useful for many, your comments, supportive ideas or the counter ones are welcome. I admire sharing ideas in respectful way, after all no one has the whole image, and who claims that is not truthful with themselves, whoever they are.
Let me introduce myself first, I'm a blockchain enthusiastic who believes in the concept of decentralized networks, not only for money transaction solutions but also in the technology itself, what blockchain technology is capable to provide is massive. I'm not an experienced trader, I just started trading my self for less than 1 year, but I like analysis and looking at the bigger image, I usually go long with an appetite to hodl, usually it pays off, even if you bought at the peaks.
However, the crypto market is still lacking regulations, thus why we have this massive fluctuations in this market which is very profitable (at least for many) and also may lead to catastrophic situations if we don't double check on all factors surrounding any buy or sell order.
This basic analysis is based on a simple idea of Bollinger Bands on the weekly chart of ETHUSD, as we can see on the chart the down trend which is marked by a red "bubble" is almost finished, we just started a new yellowish in color bubble, but this bubble is still young and lacking the right momentum for a massive bull run like the one we had by the end of the last year, in my opinion side ways trade will keep playing for the next 3 months (maybe less, maybe more) in values between 300-400$ before a breakout. This expansion and deflection of the bubbles implies on all cryptomarket, including BTCUSD pair.
The main question is, for how long this bottle neck would last? Did we get through it or not yet?
I don't think there would be a breakout for the next major uptrend before touching the 350$ levels again, it's the next main support for ETHUSD on the weekly chart, which is a strong support zone and it was active many times especially in the end of the last year. However, that level could not be the bottom of Ethereum, after all ETHUSD started in way less values last year, from 7 to an impressive figure of 1400$, this led to drawback in the market and we are experiencing that right now. We don't know yet how far in terms of price and time this correction would last, but I don't think ETHUSD would go less than 3 digit number in the foreseen future. After all Ethereum is a protocol and it has many implications that would be useful for businesses and organizations, it gained a lot of attention and after the rally last year which gained a lot of exposure that won't wear off easily.
This idea is not obsolete nor complete, but I would like to add updates to it when the market starts to show where is it going exactly, your comments and arguments would be very valuable and feel free to express in the comments section.
This idea is published for educational purposes only, and it shouldn't be considered as a financial advice.
This is my first educational idea on Tradingview and I hope it would be useful for many, your comments, supportive ideas or the counter ones are welcome. I admire sharing ideas in respectful way, after all no one has the whole image, and who claims that is not truthful with themselves, whoever they are.
Let me introduce myself first, I'm a blockchain enthusiastic who believes in the concept of decentralized networks, not only for money transaction solutions but also in the technology itself, what blockchain technology is capable to provide is massive. I'm not an experienced trader, I just started trading my self for less than 1 year, but I like analysis and looking at the bigger image, I usually go long with an appetite to hodl, usually it pays off, even if you bought at the peaks.
However, the crypto market is still lacking regulations, thus why we have this massive fluctuations in this market which is very profitable (at least for many) and also may lead to catastrophic situations if we don't double check on all factors surrounding any buy or sell order.
This basic analysis is based on a simple idea of Bollinger Bands on the weekly chart of ETHUSD, as we can see on the chart the down trend which is marked by a red "bubble" is almost finished, we just started a new yellowish in color bubble, but this bubble is still young and lacking the right momentum for a massive bull run like the one we had by the end of the last year, in my opinion side ways trade will keep playing for the next 3 months (maybe less, maybe more) in values between 300-400$ before a breakout. This expansion and deflection of the bubbles implies on all cryptomarket, including BTCUSD pair.
The main question is, for how long this bottle neck would last? Did we get through it or not yet?
I don't think there would be a breakout for the next major uptrend before touching the 350$ levels again, it's the next main support for ETHUSD on the weekly chart, which is a strong support zone and it was active many times especially in the end of the last year. However, that level could not be the bottom of Ethereum, after all ETHUSD started in way less values last year, from 7 to an impressive figure of 1400$, this led to drawback in the market and we are experiencing that right now. We don't know yet how far in terms of price and time this correction would last, but I don't think ETHUSD would go less than 3 digit number in the foreseen future. After all Ethereum is a protocol and it has many implications that would be useful for businesses and organizations, it gained a lot of attention and after the rally last year which gained a lot of exposure that won't wear off easily.
This idea is not obsolete nor complete, but I would like to add updates to it when the market starts to show where is it going exactly, your comments and arguments would be very valuable and feel free to express in the comments section.
This idea is published for educational purposes only, and it shouldn't be considered as a financial advice.