copa1079
Long

ETHUSD: The bigger picture and bullish road to 1400 USD

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Hello everyone! I hope you all bought the fat dip below 750 USD last night, because the road ahead is still very bullish IMO             . The recent shake off took us back to a familiar feeling as during the January 17th dip, and this also blew through support levels.

It is good to remember the bigger picture in the market and understand the massive growth that ETHUSD             has undergone in the past month. As of right now here are the monthly percentages on Coinbase for bitcoin             , bitcoincash, ethereum             , and litecoin:

BTC: –43.38%
BCH: -53.49%
ETH: -3.98%
LTC: -46.79%

This allows us to see the strength of ETHUSD             in the YTD data. Although current standings of most oscillators and moving averages for the 15 min, hourly, and daily Ethereum             technicals on the homepage seem to be bearish , lets keep in mind that the weekly and the monthly are still very bullish and are suggested as buys and strong buys in the data. The 200 and 50 EMA's still show a lot of strength. The MADC 4C seems like it is getting tapering off at the bottom, which is a possible bullish signal.

My targets are set for 1400 this month, however another low (double bottom?) to nearly 800 USD before the uptake is possible. Overall volume is still low for a lot of price action, and we are still too correlated with BTC             in the short term. I expect to see a breakout of ETHBTC to at least 0.15, if we are seeing the 1400–1800 USD range in the next month or two as well.

I am bullish on the entire crypto market, however the only thing that worries me is the head and shoulders pattern on the entire crypto market cap. What do you guys think of this? CoinMarketCapGraph

Here's the same chart as above but with candles:



Thanks for looking, and for gods sake HODL !!!


Personal disclaimer:

Don't take any of my published ideas as reality. Always make educated decisions before doing anything with your investments. Use my charts for educational purposes only. Trade at your own risk.

Comment: Double bottom update. Pattern copied from the December 17th–December 31st.

Comment: DOUBLE BOTTOM COMPLETE?

Trade closed: stop reached
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