Here's a look at the 4Hr ETHUSD chart on Kraken. We see Ethereum is still in the same uptrend channel we he been on since early May since we had that original Golden Cross at around $160 levels. The trend is your friend. See no reason as to why to exit out of this position just yet. If you look at the chart, since late June, ETHUSD seems to have been forming a falling wedge pushing out Lower Highs & Lower Lows. It tried breaking out of the wedge on July 3rd but ended up being a Bull Trap. There was no volume to confirm the breakout. No volume on BTCUSD either.
If you're looking to enter long there's a couple of entry points you can take into consideration or lateral your buys in.
If ETHUSD breaks out of the falling wedge, wait for volume and confirmation to buy long. If we take another dip (more likely to happen), I would be looking closely at the 200MA white line which has been showing support along with the bottom of the falling wedge pattern. Between $280-$270 is where we're looking to buy. Stop loss around $260.
Disclaimer:
I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. I will not and cannot be held liable for any actions you take as a result of anything you read here.
Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.
If you're looking to enter long there's a couple of entry points you can take into consideration or lateral your buys in.
If ETHUSD breaks out of the falling wedge, wait for volume and confirmation to buy long. If we take another dip (more likely to happen), I would be looking closely at the 200MA white line which has been showing support along with the bottom of the falling wedge pattern. Between $280-$270 is where we're looking to buy. Stop loss around $260.
Disclaimer:
I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. I will not and cannot be held liable for any actions you take as a result of anything you read here.
Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.