On bigger timeframe ETHUSD is in a downtrend but showing some bounces, therefore I labelled current bounce as an ABC correction. This downtrend is also the reason that I'm careful trading this set up but technically spoken, it looks like a nice short term relief rally. If we ever reach C, it has to be seen if we get a continuation of the bigger downtrend or this ABC turns into a bullish 1-5 cycle.
I'm seeing more or less the same for BTC.... 1 more leg up in its bearflag before falling down again. Off course, when BTC starts falling earlier, this set up is invalidated and ETH will follow BTC. But.... Often I see cleaner patterns in ETH as BTC and maybe this set up is also showing what BTC might do.
To the charts: On 240 you can see the ABC I mentioned., if the set up plays out, it's a bearflag in the downtrend.
Reason for posting this tricky set up it the patterns I see on the 1 hr chart.
It did a 5 legs up cycle, followed by an ABC correction and yesterdays bounce could be seen as an impulsive move, starting the next 5 legs cycle. After the impulsive move we got a correction which looks to be finished and we might start 3rd leg from here (which is also the 3rd leg in the bigger 1-5). Keep an eye on MACD and RSI on lower timeframe to detect possible invalidaton of this set up.
Once again: this is a tricky set up, a bounce in a downtrend but hey this is crypto and that ABC might even go much higher. I have seen crazier things in the past years. BITFINEX:ETHUSD
Comment
⋅
Leg 3 overshot its target a bit, now in correction. It broke out of pennant, expecting more upside after the correction.
Comment
⋅
Moved SL to entry, ETH is looking weak Both in USD as in BTC value
@ShounakShetty, Just buy DASH and make money. Eth is the past. Sorry for your loss.
ShounakShetty
⋅
@DASHisKINGAugust18BEYOND, Haven't traded ETH in a long time. Simply asking if there's a rational behind the rising RSI line.
DASHisKINGAugust18BEYOND
⋅
@ShounakShetty, Ah. If you like to make money you should be buying DASH asap. I'm getting air sickness from all these fast green take offs.
JakeHancock
⋅
@DASHisKINGAugust18BEYOND, Dash Is on a downward as well as ETH. So where is your logic that its in the past?
DASHisKINGAugust18BEYOND
⋅
@JakeHancock, I'm hoping that you didn't look at the DASH charts for the past few days before you posted this comment. eth became huge because of ICO's. ICO's was 2017. They are being shut down by governments, thus out of "style," thus, thus eth plummeted (along with others) but eth won't return to it's 2017, early 2018 glory.
Now, I'm going back to watch my green DASH rocket ship continue to sky higher. Bon voyage.
@JakeHancock, Thumbs up. You're welcome. Oh yeah, DASH has gone higher since then. It is only being held back by btc. Once btc goes higher, DASH will go higher, at a faster rate then any legitimate coin. :) (meaning not considering the pump and dump coins :) You should research DASH. Just a few days ago it was announced that DASH is going to be standardly equipped in all new smart phones in Columbia (or something like that). That news along with other very significant actual "use cases" of DASH will push it sky high as it should be. DASH is now basically going to be the currency used in Venezuela, look up the partnership with FanDuel, it has an actual management team, privacy has never been broken, fast etc..., it has been "stress tested" recently, and so on... Good luck.
DASHisKINGAugust18BEYOND
⋅
@JakeHancock (and everyone) Look up dashpay. It is actually "a thing" that is actually being used, and its use is rapidly expanding. Perhaps you remember what was supposed to be the huge thing for litecoin "litepay" at the beginning of this year that skyrocked the ltc price back up but then "litepay" FAILED, and litecoin will NEVER reach ANYWHERE NEAR its ath. I feel sorry for everyone still holding ltc. I suggest accepting the fact that you may have lost money on that, accept it, and buy DASH. (Same goes for eth too I'm sorry to say. I've made money on ltc and eth and lost money there too. Eth has very bad news out there about it in just the past day or so. I could look it up but it's not worth it. Those who know know that Eth is basically "done.") Cut your losses and move on to recoup them.
JakeHancock
⋅
@DASHisKINGAugust18BEYOND, I bought ETH at 609... Shouldnt have. Now I may just need to move to DASH after researching more. Sounds like a very solid coin.