Technical Analysis
We have not seen significant upward movement since we made the run to 400, which was a few weeks ago
Ethereum consolidated for almost 2 months, as seen in the yellow box. It is time for a break-out.
It is forming a huge ascending triangle, known to have large breakouts. The breakouts of this pattern generally measure from the base at the start of the pattern formation to the top of the triangle structure. That breakout would take us to the mid $400's.
We have outlined 2 scenarios we are likely to believe are most probable to play out.
From the chart, post-consolidation you can see Ethereum attempting to move upwards. There is resistance in the previous swing high, or $350 USD. Stay out on the look for a Doji or any candlestick pattern(s) signaling indecision or buyer exhaustion towards the top of the $350 resistance level. This would signal movement back to the uptrend support like around $300-$310, or a play-out of the second scenario, as shown by the blue arrows. If a green candle closes above the $350 resistance level, that is a signal that the first scenario will play out, & that is that the current run breaks through the resistance level and on to the $350s+.
I'm led to believe that the second scenario is more likely, as this pair seems to have gotten very slow towards the resistance level over the past few hours.
If this is true, I will place buy orders towards the bottom-half of the up-trending support line, and set my stop losses 7-10% below my entry.
If the top or $350 resistance level is broken, I will place another buy order with a stop-loss around $330 USD.
I have already entered at $340, but it seems to have fallen to high $330's and having a hard time breaking $340 USD again.
Personal Opinion
I strongly believe in Ethereum's technology. It has minimal competitors and of course was first-to-market, giving it a similar "throne" to the one that bitcoin holds.
I think it is not unrealistic to expect Ethereum to be valued more than bitcoin in the future. Ethereum's technology is much more applicable in real-world cases and can serve as a mediator to provide a wide variety of products, services, and smart contracts that could not have been created before.
There are also altcoins that have better features than what Bitcoin was created for, as many of them can provide more anonymous, quicker, and cheaper transactions.
These include Verge (anonymity), Monero(anonymity), Ripple(speed+affordability), and Litecoin(speed+affordability).
Fundamentals
I think the team will bring new things to the table very soon.
As you can see, he is very active, and although not working all the time, very often discussing it.
Thank you for reading my analysis, you can check it out at:
thecryptolabs.com
We have not seen significant upward movement since we made the run to 400, which was a few weeks ago
Ethereum consolidated for almost 2 months, as seen in the yellow box. It is time for a break-out.
It is forming a huge ascending triangle, known to have large breakouts. The breakouts of this pattern generally measure from the base at the start of the pattern formation to the top of the triangle structure. That breakout would take us to the mid $400's.
We have outlined 2 scenarios we are likely to believe are most probable to play out.
From the chart, post-consolidation you can see Ethereum attempting to move upwards. There is resistance in the previous swing high, or $350 USD. Stay out on the look for a Doji or any candlestick pattern(s) signaling indecision or buyer exhaustion towards the top of the $350 resistance level. This would signal movement back to the uptrend support like around $300-$310, or a play-out of the second scenario, as shown by the blue arrows. If a green candle closes above the $350 resistance level, that is a signal that the first scenario will play out, & that is that the current run breaks through the resistance level and on to the $350s+.
I'm led to believe that the second scenario is more likely, as this pair seems to have gotten very slow towards the resistance level over the past few hours.
If this is true, I will place buy orders towards the bottom-half of the up-trending support line, and set my stop losses 7-10% below my entry.
If the top or $350 resistance level is broken, I will place another buy order with a stop-loss around $330 USD.
I have already entered at $340, but it seems to have fallen to high $330's and having a hard time breaking $340 USD again.
Personal Opinion
I strongly believe in Ethereum's technology. It has minimal competitors and of course was first-to-market, giving it a similar "throne" to the one that bitcoin holds.
I think it is not unrealistic to expect Ethereum to be valued more than bitcoin in the future. Ethereum's technology is much more applicable in real-world cases and can serve as a mediator to provide a wide variety of products, services, and smart contracts that could not have been created before.
There are also altcoins that have better features than what Bitcoin was created for, as many of them can provide more anonymous, quicker, and cheaper transactions.
These include Verge (anonymity), Monero(anonymity), Ripple(speed+affordability), and Litecoin(speed+affordability).
Fundamentals
I think the team will bring new things to the table very soon.
As you can see, he is very active, and although not working all the time, very often discussing it.
Thank you for reading my analysis, you can check it out at:
thecryptolabs.com
Trade closed: target reached:
Target 1 reached.