Ethereum is at a critical level.
Bullish:
It is trading at the top of it's 1 year trend channel
Moving averages have consolidated on the 1 year
It has formed a cup and handle on the 10 week time frame
It's close to it's 10 week high of $489
Market sentiment for crypto is very positive lately
It still has room to grow from it's all time high $1274
RSI indicator is good on 1 year, 10 week and 1 week
Buying volume is greater than selling since October
There's an impending bullish RSI crossover on 1 week
There's a steady bullish RSI divergence on 10 week
There's a confirmed bullish RSI crossover on 1 year
ADL has turned positive the past 24hrs
Neutral:
Volume is average on the 1 year, 10 week and 1 week
Bearish:
Any huge volume selling pressure can erase all recent gains
End result:
For risk / reward purposes, I'd wait for a breakout confirmation north of $500 or a breakdown confirmation south of $400.
Do your own due diligence, your risk is 100% your responsibility. Consider being charitable with some of your profit to help humankind. Small incremental steps work : If you double a penny for a month it = $5,368,709. Good luck and happy trading friends...
*3x lucky 7s of trading 101*
7pt Trading compass:
Price action, entry/exit
Volume average/direction
Trend, patterns, momentum
Newsworthy current events
Revenue & Earnings
Debt / Cash
Book value, assets
7 Common mistakes:
+5% portfolio trades
Bad risk management
Emotions & Opinions
FOMO : bad timing
Lack of planning & discipline
Forgetting restraint
Obdurate repetitive errors
7 Important tools:
Trading View app!, Brokerage UI
Accurate indicators & settings
Wide screen monitor/s
Trading log (pencil & graph paper)
Big organized desk
Reading books
Sorted watch-list
Checkout my indicators:
Fibonacci VIP - volume
Fibonacci MA7 - price
pi RSI - trend momentum
www.tradingview.com/u/growerik/
Bullish:
It is trading at the top of it's 1 year trend channel
Moving averages have consolidated on the 1 year
It has formed a cup and handle on the 10 week time frame
It's close to it's 10 week high of $489
Market sentiment for crypto is very positive lately
It still has room to grow from it's all time high $1274
RSI indicator is good on 1 year, 10 week and 1 week
Buying volume is greater than selling since October
There's an impending bullish RSI crossover on 1 week
There's a steady bullish RSI divergence on 10 week
There's a confirmed bullish RSI crossover on 1 year
ADL has turned positive the past 24hrs
Neutral:
Volume is average on the 1 year, 10 week and 1 week
Bearish:
Any huge volume selling pressure can erase all recent gains
End result:
For risk / reward purposes, I'd wait for a breakout confirmation north of $500 or a breakdown confirmation south of $400.
Do your own due diligence, your risk is 100% your responsibility. Consider being charitable with some of your profit to help humankind. Small incremental steps work : If you double a penny for a month it = $5,368,709. Good luck and happy trading friends...
*3x lucky 7s of trading 101*
7pt Trading compass:
Price action, entry/exit
Volume average/direction
Trend, patterns, momentum
Newsworthy current events
Revenue & Earnings
Debt / Cash
Book value, assets
7 Common mistakes:
+5% portfolio trades
Bad risk management
Emotions & Opinions
FOMO : bad timing
Lack of planning & discipline
Forgetting restraint
Obdurate repetitive errors
7 Important tools:
Trading View app!, Brokerage UI
Accurate indicators & settings
Wide screen monitor/s
Trading log (pencil & graph paper)
Big organized desk
Reading books
Sorted watch-list
Checkout my indicators:
Fibonacci VIP - volume
Fibonacci MA7 - price
pi RSI - trend momentum
www.tradingview.com/u/growerik/
Comment:
Oops, should say 52/10 week high obviously. And it may become a double top, wait for confirmation, ya never know...
Comment:
ETH hit $501.85, now it's in full on breakout zone...
Trading indicators:
www.tradingview.com/u/Options360/
www.tradingview.com/u/Options360/