ETH impulse wave down or still only a correction, Part 2

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
ETH' followed my previous analysis quite well, where that drop 10 days ago was worrying, i talked about a few signs, suggesting it might have been some (weekend) manipulation and NOT' the real intentions of the market. So far support levels have been holding. I said another drop was very likely to happen, usually does after such a big drop , but the big question was, would it be another big volume dump, or a more controlled drop that would find support in that green zone. We saw the last one happen of course. That pump and dump a few days ago, did help with being slightly bullish , because that move suggested there were many people waiting to buy it up. Based on that, we should see follow through, because the ones who bought there, don't buy it for a few points. Also the stable movement of Bitcoin' and it's double bottom helped as well.

Part of my previous analysis:

Anyway, the fact that we saw this dump happen around the same level as the Jan high is a bad sign normally. So normally i would only be looking down now, but i had seen some of the action in the weekend, so i know this dump is due to some people and not the real market intentions. So i remain i bit open minded here at this stage. Despite all this, it is still very likely to see another drop happen before that red zone on the left can break. There is room to move inside of that big bear flag , but it could even drop from the current level, instead of testing the 142 again. What happens after the break of that flag is very important for the coming weeks/months. If we see another big dump with high volume , that it becomes very likely to assume that the market will be headed towards extreme lows. It is also important to see that green support on the left hold, because if that breaks, the mid-term bullish momentum (higher lows) will get in danger as well.

Last chart from my previous analysis:

Now we are back in that bear flag zone, which is a bullish sign, but doesn't mean the only way is up now. Just means that short term, bulls have bought them selves some time again at first. ETH' has shown a lot of conviction today, just as many other alts, only Bitcoin' has not been confirming all of this. It did make a good move up, but no conviction yet. So all still a bit shaky now.

The 130ish should not be break anymore, that should be the max for a potential drop . But ideally we stay above the 134/132 zone, that would be more convincing. As we can see in the chart below, making it good bull flag . On the right we can see a potential ascending triangle . Until now i used that big channel from the primary chart, which is not very different, but this triangle does show the resistance much better at the 160 zone. The support line of the triangle and the channel are of course the same. Which is the level to watch for the long term. If the bulls are able to touch the 160 zone again coming weeks, it would make it very likely to see it break eventually.

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Previous analysis:
Comment: We can see a clear channel now, which is usually not a good one, because they usually break on the downside eventually. But so far, above its support.

On the left we can see a pattern that has been repeating itself, yesterday's with today's. This one suggest we are at the low already. So there is very little room left, otherwise we can expect a bigger drop. As long as it stays above the 134/32 zone, this short term bullish trend stays intact.

Comment: Extra ETH update fractal:

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Nice job!
botje11 Kgear117
@Kgear117, Thank you :)
Great work!
botje11 Remzy69
@Remzy69, Thank you :)
Thank you again for the update!
+1 Reply
@croset, Your are very welcome :)
+1 Reply
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