ETHUSD -0.71% is trending very nicely on the ten minute chart and is looking to reestablish a connection with the 200 MA here before the next leg higher that will take us to the 560 range with a brief hiccup at the 500 mark.
After the next wave I do expect some consolidation and will probably exit at the 550 - 560 range and seek a better entry.
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click on thee chart to see my notes:
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Eagle has landed on our support target... onward and upwards! If it blows down through this support with more than a shadow we will have to reconsider our position...
So yes it did break through the 200 MA on the ten minute chart I was watching and well rather than jumping ship right away I decided to look at a 15 minute chart and now you can see it has landed on that. So I will wait and see. It is often the case that as the wave increases in size that the asset will move on to a longer time period chart. So I will watch here for a bit but my nerves are getting thin at this point so if you are uncertain then getting out is not a bad idea. Better to leave a few coins on the table than lose many more watching it tumble further.
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There are actually some good signs of a reversal now and price point has moved up to just above 460
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I know I talk a lot about what chart time frame an asset is trending on and what I mean by that is that it is hitting targets like the 200 MA or the 50 MA and when you pair these charts you can basically see the same view but from a longer perspective so for instance here the 15 minute chart is paired with the 1 hour chart and you can see that the targets are being met simultaneously because the 50 MA is one quarter of 200 MA so basically the exact same target with a slightly broader perspective.
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One of the reasons I do this is because it is super important to review all time frame charts to see where your indicators are moving (the bottom panels). Whether the trend is moving to rising or moving to falling, what the wave structure looks like etc. After awhile of using your indicators you will get very good at reading and anticipating the direction of the price point. I also use MACD a lot... it is a very good indicator.
If you hold eth for past 6 months, you got from 300 usd to 500. Not even doubled. If you had bitcoin you got from 2000 to 11.000 with forks. Bitcoin gold, cash and bitcoin diamond
ElSHerief
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good entry level?? or wait
graham.edwards84
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@ElSHerief, if you are on the sidelines right now it would be best to wait for a bullish confirmation... for instance a break above 470 or 475 even
ElSHerief
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@graham.edwards84, Ok and thanks for the fast reply
graham.edwards84
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@ElSHerief, no problem... i try to answer all questions but sometimes I miss a few here and there