botje11

ETH Moving Inside of the Range

BITMEX:ETHUSD   ETHUSD Perpetual Futures Contract
My last post i mentioned that blue curved line putting pressure on the price, that if it would break, we should see a counter move. This all played out and even broker the 140 resistance (bitmex), but since it broke that zone, it has been quite weak since. This weakness was not something i expected, but now it looks like a low might have been set. Because earlier today we had a good drop and bounce up again, suggesting longs have been filled and we might see another attempt to break up. With this pattern, that green line should be the max, a drop below that would indicate bulls are not pushing.

We have a range now it seems, between the green and red on the right. With the dropping volume and the whole market being at a turning point now, would mean that if we do break up, we have to see a big rally withing a few days. Like that blue line suggest. So a move towards that 160 zone within 2/3 days and with increasing volume . If this doesn't happen, very likely to see the rally fall short and start to drop again.

If the green on the right breaks, we will very likely see a move to the green on the left. If that one breaks, prices below 100 will be very likely to happen. So nothing clear at this point, need to break that range on the right first.



Previous analysis:
Mar 21
Comment: It has become clear, that alts simply don't want to move up. With each sideways movement of Bitcoin they start to drop already. This is almost the same as July 2018, where Bitcoin was pumped to 8500 but alts were dropping during that rally. So TA won't work as it should IMO, bears will be mostly in favor when it comes to alt coins. I think i will only look at Bitcoin from now on, until we break the 3930/4100 range. So i would be very careful with longs on alts coins.

That green line seems to be valid and that blue curved line (with some margin as well). Same as LTC, a break upwards will probably show small bullish movement while a break downwards will probably be a dump.

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Ethereum will grow only

What's that picture means on the left chart?

That it con drop or gain?

Well, we know that.

Go long on ETH

Reply
botje11 milanjelic
@milanjelic, That depends on the coming days, i think for bitcoin its now or never, so either we drop to 3700/3500 levels or we do make that big rally. The range is quite small now
Reply
milanjelic botje11
@botje11,

I understand your take and it is reasonable.

However, bearing in mind that as per technicals and everything else what follows we should be long on B till 4250, then short to 4000 (sub), then 4450.

Equivalent in Ethereum USD output will be around 168-171 at price level 4250$ and 196$ around (maybe more, but that comes upon rebuy) which will correlate with Btc 4000 retest.

All the best botjee.

Let's see how this play out.

Regards.
Reply
botje11 milanjelic
@milanjelic, I don't know about those numbers for ETH, it has been falling behind Bitcoin big time the past weeks. Should have been around 150 at the moment. To be honest, don't know why that is. Just hope it's not July all over again, where alts were getting dumped during the rally from 6K to 8.5K.
About your waves, those would make sense. I think we might see a bit more extreme first push, but that's a guess
+1 Reply
milanjelic botje11
@botje11,

You are right, but alts grow more later as B sidewalks on higher price level.

Ethereum is raising trendline, uptrended 30% from very bottom over btc and btc uptrended for additional 20%.

That brought us last time to 91% gain on ETH.

Having on mind ETH already uptrended, i dont think it will offer such returns as in " round 1" during " fork time".

Pesonaly, gainers should be ZEC, QTUM, ETC, LRC, BTG.

We are talking about biggest % return as long we are "long on B".
Reply
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