ethhunter
Long

ETH will define its trend

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
welcome to a ugly but informative chart.
ETH will soon be defining a trend direction.

Real bull market confirmation soon.
a breakdown from tier 1 trendline will confirm bear market.

a bull market will be confirmed if the tier 1 trendline is supported, it has only been tested in bullish direction twice thus far

real definition of a bull market is a market with 20% gains according to the definition , but really... ?

im thinking i might be wrong, we could be looking for a real reversal but until i get a real definition of the trend im out.

eth is leading btc and has had the highest volume compared to BTC (to itself historically).

short term im still bullish .
Jan 08
Comment: little mistake on chart, red fractal pattern should be dropping from the 200's to the area where trend will be defined.
Jan 09
Comment:
Jan 10
Comment: Falling toward trend gap bounce area that don't have a fractal. Green arrow. Trend condition time.
Jan 11
Comment: support is struggling at the trend gap, if we will have a bounce it should be right here.
Jan 11
Comment: I took a closer look at the hourly, and it looks like this:
This is a zoomed in picture at the original chart and the tier 1 trendline
We can see that bulls don't have the strength to break through right now

I wouln't say bulls are dead yet, we have still created higher highs and higher lows. Measuring the retracement from the largest leg my guess is that this is a change in the price structure and we will bounce at 122$ and go for a higher high (or we can call this a bull trap if we get no bounce there).

The RSI shows oversold conditions on the 4h timeframe.
If we can create a double bottom at .382 we will have a bullish divergence
Jan 13
Comment: ETH was unable to reach my target of 200$ before the breakdown. In many of my posts i explained that this will happen, we'll ser a choppy downward wave now, weqk bounces and a prolonged bear market. 50-60$ ETH is expected.
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