AlanSantana

Can You Analyze ETH? Yes But It Isn't Easy, It Isn't What Think

Education
BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
Can You Analyze ETHUSD? I can, But It Isn't Easy, It Isn't What Think!

Charting is very complex...

I don't like charting these because I can give a very compelling article about why ETHUSD should move to "x" direction based on the signals that I see, but the next minute the contrary happens and many people don't understand how this work and then they blame it on me.

I received the support of many here because I found a way to figure out when a bottomed-out altcoin was about to go up...

But predicting market movements is not what I do but you really can't, you can only read the charts.

But the charts are always changing and no beginner can understand this... and those who understand, have no reason to read.

So, you want me to read the signals coming from the Ethereum ( ETHUSD ) chart?

I can tell you about the bearish divergence now present with the RSI and the MACD .

I can also tell you about a strong bearish candle printed yesterday and tell that this can lead to a drop.

But when you think about it, prices are above EMA10, all major EMAs and the bulls are still in control.

Trading can be easy here, very easy for me.

You set up a plan, something like this:

1) If prices move and close above the last high at $637, the potential is we see additional up.

If we carry a bearish bias, we can SHORT here and this would our stop-loss.

2) You set your targets on the next strong support.

You see, trading can be very simple but not reading the charts.

When it comes to reading the chart we have mixed signals all the way to the Moon.

We have the bearish divergence on the RSI and MACD yes, but you also have higher highs when it comes to candle wicks and candle close.

Prices are still above EMA10, so any bearish signal can be temporary and easily erased.

I personally like to skip these types of charts, because if you are trading to make money there are definitely easier ones.

Still, many people asked to chart this one, ETHUSD and here it is...

In summary:

Technically ETHUSD is bullish , for sure... We have a bullish trend , bullish indicators, and prices hitting new highs.

But, at the same time, a correction can start to form.

We can see high bear volume on the red candles... and after strong bullish action it is normal to see retraces and correction... so there you go.

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Namaste.
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