ETH/USD is in a clear cut bearish downtrend but there is three hard forks including the Constantinople upgrade of the Etherium blockchain.
Notes
ETH failed the break the trendline again and bulls look a little exhausted.
There is currently nothing to show in the TA there will be a breakout uptrend.
Constantinople
May cause a new level of support if it break the trend.
May cause more rapid sell-offs if there is a quick downtrend, some will have been buying for a while and take profit or panic sell.
May be a complete anticlimax, or the forks may even devalue and dilute Ethereum market cap
May cause amazing breakout against the trend as per the arrow above
Comment
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Still watching, getting interesting, MACD & Histogram heading downwards.
Trade active
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Short position at around $165 on the above bounce off the pink line - hit resistance & wicked above the line.
MACD & Histogram heading down, as is volume.
Looking at a bounce down by around $5-$10 before bulls have another go at breaking (if they have another go), 3 clear attempts so far.
Trade closed: target reached
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Bounce down by $5 worked well, 25% leverage taking very good profits.
Ended up a clear cut shorting situation: - MACD peaked - heading down - Histogram peaked - heading down - Volume steadily heading down - Resistance at trendline - No signs of support between $160-$166
We're still in a similar situation - looks bearish but I'm not getting greedy & closing the bulk of the position before re-evaluating.
The recent run-up appears to be related to the coming Hard Fork. I have not really looked into how much faster the transaction rate will be, but what will interest me more is the framework. I have not read the white paper on it yet, and so far I am unclear how much it will differ from the current platform, from a developers perspective. I find your chart to be interesting with the trepidation that your downward trend line is only supported by one point making the trendline less intuitive. Well, this is not necessarily a bad thing, it becomes more of a point of reference than an actual indication of resistance. This, of course, is just my humble opinion. I respect everyone willing to display their work and back it with their written opinion. I look forward to your future charts!
ethereumworldnews.com/binance-confirms-support-for-the-january-ethereum-eth-constantinople-hard-fork/
Best,
Biff
SlicerTrading
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@biffbifford, Hi Biff, thanks you for your comments. Zoom out to august - 4 (tentative 5 points) on a consistent downtrend for 5-6 months, zoom out further - consistent downtrend for a year.
biffbifford
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@stevenslicer, Ah, I see now, my apologies for being a bit lazy! I wish you good fortune in 2019! We will make this a good year for sure!
SlicerTrading
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@biffbifford, cheers to you too biff! Here's to 2019 :)
ethereumworldnews.com/binance-confirms-support-for-the-january-ethereum-eth-constantinople-hard-fork/
Best,
Biff