Sherem

The only on point ETH Analysis on this site?!

Long
BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
Check out my last analysis. I said I would be laddering positions down to this 275-300 ETH area. My point C target on my chart wasn't perfect, but it was pretty dang close. You're Welcome.


Current Conditions:
On the Daily:
RSI is confirming the bottom.
MACD is almost ready to cross
On the 6 Hour:
Broken Trendline
Strong RSI
Strong MACD

Don't sell to soon, we are targetting this 500-550 area for a move. This will give us a similar magnitude move that we had this last April.

LTC has confirmed a move up. BCH has confirmed a move up. BTC is just about there and is lagging behind. This is expected as some of the drivers for this move are the crosses like eth/btc , so people will sell btc to buy eth, thus, keeping btc flat and driving up eth.

If we move sideways from here, it looks to me like a IH&S structure could happen.
volume profile gives us a lot of clearance on this chart,
Also note that we will run into resistance in this 450 area, but by then we will be so far in profit it won't matter and can use stops to protect positions and let the market dictate what happens.

Happy Trading,
-Sherem
Comment: please drop a like to show your support if this has helped, thanks!
Comment: Something to keep in mind here as we get this weekend volatility with no volume. If we go back to April and analyze what happened there we can see a lot of similar price action. Check out the April fractal compare to what it's doing now. Very Similar and we still have a few days to go to complete that cycle. And what a coincidence... proshares etf decision falls right on about the end of this 11 day cycle.


Same set up is happening on ETH/BTC as well.
Comment: My point C got moved when I was adjusting my bars, you know from my past analysis it sits on my 275 point. Apologies for the adjustment there.
Here it is back where it should be
Comment: BTC's break is quite bullish. ETH is lagging behind. We need it to break 320 for a substantial move to the upside. ETH/BTC hasn't even started to take off yet, when that happens we'll get our move in ETH.
Comment: We are still long on this pair. Couple things to keep in mind here. 1st, on a weekly chart we formed a doji and inside candle. If we get a substantial move higher we could get a weekly macd cross. You can see we are starting to level off there, which is a good sign.


I zoomed in and drew as many minor down ward trendlines as I could find. It seems we have broken all of them, except one. We'll see what happens here.

Comment: We have now broken that final downward trendline. However, ETH/BTC remains getting hammered and is keeping ETH from any type of move up. It is surprising we haven't had more of a move up, especially since alt's have been pumping quite a bit. The worry here is that a continuation pattern is forming and if we break to the downside it could be bad news. This 270-275 area is pretty critical to hold

Comments

It looks like ETH hit your blue arrow (that one that points to the right) and bounced down off of it. The blue arrow acted as resistance. Maybe next time you could draw the blue arrow a little higher because we need the bull run to continue a little longer. :-)
+2 Reply
@BDG, Seriously right?
Reply
BDG Sherem
@Sherem, this was a joke related to my post to you last week when I said I discovered the magical color that would act as "support lines" when drawn on a chart. Wouldn't it be fun I said, if I could make the price bounce off of my hand drawn support line in order to prevent the price from dropping? Well, you accomplished the exact opposite this week. In your chart you found the "resistance color" because you caused the ETH price to fall when it hit your blue arrow "->". I thought this was a funny coincidence from our conversation of last week. (I guess my dry sense of humor loses something in the translation.)
Reply
@BDG, No, i got it! That's why i posted right after that I should have made it a rainbow color!
Reply
@BDG, I should have also made it a rainbow color, that probably would have helped more
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ETH may be oversold, but ETH has unlimited supply. So, the situation is depressing for ETH.
+1 Reply
I feel you on this one watching close.
Reply
Starting to form the right shoulder now it looks like...
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Doesn’t look much like a H&S to me, I see bear flag, most likely setting up for another massive move down before the end of the month. I’m thinking sub 200’s.
Reply
BuyGanyo theeverythingbubble
@theeverythingbubble, bitcoin to 5500 so ETH 220-250
Reply
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