Hello everyone,
As I get use to setting up trading view, just be patient and any constructive advice is welcomed. As some exciting developments happened for ETH/USD. We will look how to prepare next. If you want to look at my previous article on the chart, check out the profile.
What did I do:
• Drew horizontal rays for resistances/supports
• Drew Fibonacci Retracement line from December 6, 2018 (low) and on.
• Drew vertical lines to establish long term trends
• Date Range the vertical lines
• Price ranged the trends in between the vertical lines
Setting:
December 6th, 2018 - June 19th, 2019
- Price increase: $281.90
- Uptrend: 202 days
June 19th, 2019 - December 17th, 2019
- Price decrease: $247.70
- Downtrend: 174 days
December 17th, 2019 - February 14th, 2020
- Price Increase: $172.71
- Uptrend: 59 days
February 14th, 2020 - March 13th, 2020
- Price Decrease: $201.72
- Downtrend: 28 days
March 13th, 2020 - July 26th, 2020 (Continuing)
- Price increase so far: $220.97
- Uptrend so far: 134 days
Idea:
I thought this would be helpful to layout the long-term trend to give people a better idea of the journey. As history is the best thing to learn from. Seeing the trends would indicate maybe the momentum of the market and seeing who is driving.
Bullish Idea: Since we broke $289, we have made a healthy climb until now. Our next target is $360, if we can get a healthy break that. It is time to find another resistance line.
Bearish Idea: We lose steam or have a hard rejection at $360, if this were to happen. It would be interesting to see how far the price will be driven down and how long. Historically, they were to take a 200-250 downturn (about 65-70%).
Conclusion: Breaking the kangaroo cycle. The only way to confirm this if our retracement were to land a healthy height over this current 597-day period of bouncing. We will not know this until this current uptrend is over. Once it is, it will be telling to see the sentiment of the market during the downtrend. To see if we have bounced out of it 😉. As always, have a great Sunday, enjoy yourself, family, friends and hobbies.
As I get use to setting up trading view, just be patient and any constructive advice is welcomed. As some exciting developments happened for ETH/USD. We will look how to prepare next. If you want to look at my previous article on the chart, check out the profile.
What did I do:
• Drew horizontal rays for resistances/supports
• Drew Fibonacci Retracement line from December 6, 2018 (low) and on.
• Drew vertical lines to establish long term trends
• Date Range the vertical lines
• Price ranged the trends in between the vertical lines
Setting:
December 6th, 2018 - June 19th, 2019
- Price increase: $281.90
- Uptrend: 202 days
June 19th, 2019 - December 17th, 2019
- Price decrease: $247.70
- Downtrend: 174 days
December 17th, 2019 - February 14th, 2020
- Price Increase: $172.71
- Uptrend: 59 days
February 14th, 2020 - March 13th, 2020
- Price Decrease: $201.72
- Downtrend: 28 days
March 13th, 2020 - July 26th, 2020 (Continuing)
- Price increase so far: $220.97
- Uptrend so far: 134 days
Idea:
I thought this would be helpful to layout the long-term trend to give people a better idea of the journey. As history is the best thing to learn from. Seeing the trends would indicate maybe the momentum of the market and seeing who is driving.
Bullish Idea: Since we broke $289, we have made a healthy climb until now. Our next target is $360, if we can get a healthy break that. It is time to find another resistance line.
Bearish Idea: We lose steam or have a hard rejection at $360, if this were to happen. It would be interesting to see how far the price will be driven down and how long. Historically, they were to take a 200-250 downturn (about 65-70%).
Conclusion: Breaking the kangaroo cycle. The only way to confirm this if our retracement were to land a healthy height over this current 597-day period of bouncing. We will not know this until this current uptrend is over. Once it is, it will be telling to see the sentiment of the market during the downtrend. To see if we have bounced out of it 😉. As always, have a great Sunday, enjoy yourself, family, friends and hobbies.
