imfamousrajat

ETHEREUM - MARKET ANALYSIS.! NO INDICATORS, QUICK READ.!!

Long
BITFINEX:ETHUSD   Ethereum / U.S. Dollar
After touching the support line on 12 July, the price appreciated has by around 23%.
It moved from 460-ish region to 500 region since last night after the pumping of BTC 1.23% .

There are 2 noteworthy points and these are:
1. It broke out of the falling wedge and retested it successfully.
2. It broke out of the ATH 0.72% downtrend line(but haven’t tested the support region yet).

Please see the chart, everything is marked on it.

I am expecting a retest of 460-470 region before it can continue to move up. If this supports doesn’t gold -0.33% up(which i think is unlikely), then it can find support on the uptrend line which will be around 435-445 region. This uptrend line should hold since it has proven to be a great support in the past.

The profit taking targets can be somewhere near to 510, 570 and 620.
If it can break above 620 successfully then expect it to reach 700 fairly quickly.

Also, notice that it is moving inside a symmetrical triangle which will come to an end in somewhere around October.(Though it can breakout of it earlier if it gains a really good bullish momentum).

(I can post the chart with in depth analysis using indicators if people need it, but as for now, this should suffice.)

A zoomed out view of the chart:

P.S: This is not an investment advice. This is for learning purposes only. This is my personal journal. Invest your capital at your own risk.

Keep an eye out. Trade safely. Always remember, money not lost is also a profit.

Good luck trading.!
Peace.
Comment: Moved into our support region like we anticipated. Great.!

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Looks Good ....
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@Eberzahn, Thank you :)
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