ETH on the 4-Hr - Overly complex Dyslexic TA: Have FUN!
Past Analysis:
I put out many alerts on ETH when the bottom fell out, at the $116.xx level indicated on the chart. I recommended Dollar-Cost-Averaging into ETH near and below $107.xx. Since then we have had a bit of a small bull run. The question is, "Will it last?" It really is difficult to tell but we will give it a try.
Technicals:
In a previous chart I explained the breakout theory that pertains to wedges and how, IN THEORY, you can perceive the length of the breakout to be the length of the opening of the wedge. I have displayed these two price points on the chart and labeled them for your review. It appears they match very closely to the theory (subjective and never precise). After hitting the resistance level of $112.xx or just under that price point, we begin retracing. If we look to the top of the opening of the triangle, wedge, or whatever you would like to call it, we can ASSUME the price may retrace to that support area ($109.xx) as the first support level. The next would be the top downtrend of the triangle (around $107.xx) before another chance at moving higher.
The real question is can we break the dotted overhead trendline which is showing resistance (temporary resistance)?
If you are looking to enter ETH using the 20 percent swing trade rule, I would give it another candle or two (4-Hr candles) to see if the price falls and holds at the $107 to $109 level! If the dotted overhead trendline support holds we will move into a volatility squeeze, as ETH inches lower and nearer to the $107 price level.
Okay, I hope at least some of this made sense because it confused the hell out of me.
In conclusion:
I think ETH will continue to consolidate under $116.xx and is sleeping until news of the fork happens. We will see some crazy volatility as the changeover happens and the critics make their statements on the good and bad of PoS and the future of ETH.
Well, now that your eyes are sore, and your brain hurts, I don't expect a thumbs-up, but definitely follow me on Twitter. I leave a lot of news on many things related to cryptos and the stock market as well as other relevant news and social issues. I tend to shy away from politics and keep it purely economic.
Best,
Biff
I put out many alerts on ETH when the bottom fell out, at the $116.xx level indicated on the chart. I recommended Dollar-Cost-Averaging into ETH near and below $107.xx. Since then we have had a bit of a small bull run. The question is, "Will it last?" It really is difficult to tell but we will give it a try.
Technicals:
In a previous chart I explained the breakout theory that pertains to wedges and how, IN THEORY, you can perceive the length of the breakout to be the length of the opening of the wedge. I have displayed these two price points on the chart and labeled them for your review. It appears they match very closely to the theory (subjective and never precise). After hitting the resistance level of $112.xx or just under that price point, we begin retracing. If we look to the top of the opening of the triangle, wedge, or whatever you would like to call it, we can ASSUME the price may retrace to that support area ($109.xx) as the first support level. The next would be the top downtrend of the triangle (around $107.xx) before another chance at moving higher.
The real question is can we break the dotted overhead trendline which is showing resistance (temporary resistance)?
If you are looking to enter ETH using the 20 percent swing trade rule, I would give it another candle or two (4-Hr candles) to see if the price falls and holds at the $107 to $109 level! If the dotted overhead trendline support holds we will move into a volatility squeeze, as ETH inches lower and nearer to the $107 price level.
Okay, I hope at least some of this made sense because it confused the hell out of me.
In conclusion:
I think ETH will continue to consolidate under $116.xx and is sleeping until news of the fork happens. We will see some crazy volatility as the changeover happens and the critics make their statements on the good and bad of PoS and the future of ETH.
Well, now that your eyes are sore, and your brain hurts, I don't expect a thumbs-up, but definitely follow me on Twitter. I leave a lot of news on many things related to cryptos and the stock market as well as other relevant news and social issues. I tend to shy away from politics and keep it purely economic.
Best,
Biff
