My dear friends and followers, here are my ETH analysis for you as promised. Without further ado, let's investigate what ETH is going to do next.
If you remember, back in May 2019 I told you to take profits at $290 and $350 ? That was the first wave of either an impulse wave (12345) or a corrective wave (abc) of a new market cycle. Regardless which wave it is, taking profits on the major resistance on the first wave up is never a bad idea.
With the current bullish price actions, there is no reason to think otherwise, at least, for now. Thus, we want to find a reason to join the next wave up (if you have not yet bought any ETH).
There is currently a potential double bottom emerging if price can break above the neckline between $275 - $310. However, with the current bullish move (since $120) without much consolidation and pullback, I think it's unlikely ETH will break above the neckline until some decent pullbacks and consolidation happening.
However, don't take it as a bad thing. Instead, you should be happy if ETH starts to pullback and consolidate for a few months before the next leg up as that's how a solid bottom is formed. I have highlighted the price level and the type of moves (consolidate & then start to curve up) that I would be interested in adding more ETH to my portfolio. The minimum target should be at around $390 with $895 being the next decent target.
In my last Bitcoin idea I mentioned that expansion in volume combined with breakdown of a range box is not a good sign for the buyer. Below is my explanation to the phenomenon. If you have any question, leave a comment below.
Past analysis (click & play):
Bitcoin, perfect call (300% profits)
Bitcoin, bought between $6.8k - $7.3k (40% profits)
Perfect call on $12k weekly resistance
Bitcoin dropped from 12k to 7k as expected (40% fall)
Bitcoin dropped to $3.5k as expected (40% fall)
Bitcoin, bought $6220 target $8480 (36% profits)
Perfect re-bought target
Education posts:
2618 trade
Top-down analysis
If you remember, back in May 2019 I told you to take profits at $290 and $350 ? That was the first wave of either an impulse wave (12345) or a corrective wave (abc) of a new market cycle. Regardless which wave it is, taking profits on the major resistance on the first wave up is never a bad idea.
With the current bullish price actions, there is no reason to think otherwise, at least, for now. Thus, we want to find a reason to join the next wave up (if you have not yet bought any ETH).
There is currently a potential double bottom emerging if price can break above the neckline between $275 - $310. However, with the current bullish move (since $120) without much consolidation and pullback, I think it's unlikely ETH will break above the neckline until some decent pullbacks and consolidation happening.
However, don't take it as a bad thing. Instead, you should be happy if ETH starts to pullback and consolidate for a few months before the next leg up as that's how a solid bottom is formed. I have highlighted the price level and the type of moves (consolidate & then start to curve up) that I would be interested in adding more ETH to my portfolio. The minimum target should be at around $390 with $895 being the next decent target.
In my last Bitcoin idea I mentioned that expansion in volume combined with breakdown of a range box is not a good sign for the buyer. Below is my explanation to the phenomenon. If you have any question, leave a comment below.
Past analysis (click & play):
Bitcoin, perfect call (300% profits)
Bitcoin, bought between $6.8k - $7.3k (40% profits)
Perfect call on $12k weekly resistance
Bitcoin dropped from 12k to 7k as expected (40% fall)
Bitcoin dropped to $3.5k as expected (40% fall)
Bitcoin, bought $6220 target $8480 (36% profits)
Perfect re-bought target
Education posts:
2618 trade
Top-down analysis
1. I am not predicting anything. I am just saying if price does pull back I will be interested in adding more ETH to my portfolio
2. But if price decides to break above the neckline in one go, then great, it confirms the bullish bias and you simply hold your positions for longer. But what if the price decides to break above and you have not yet entered? Unfortunately, you will just have to wait for the next opportunity. Don't force yourself into a trade.