KRAKEN:ETHUSD   Ethereum / U.S. Dollar

Another big view post where because for some reason I decided to take the trend line of the current move and extend it as far as I could take it on the chart and I saw that despite all the exponential gains and parabolic moved this line is valid back to 2015. It is not guaranteed to hold forever and it might not last during the next bear market (in 3-5 years) but it definitely shows the bottom is in.

You can now disregard with a high certainty the claims of analysts saying that crypto is due for a new low in this downtrend. We have a massive support with just the trendline itself, but there is also the SMA and EMA support underneath this move that I don’t see being broken. We have popped over the 50MA and the next major resistance is the 100W at 380. The volume is bully and if we do bounce off a 100W in a bullish continuation pattern then I expect that purple resistance line would act as support.

When I go to my Range and Volume chart layout (below) we see some important confirmation of my suspicions. The circles show bullish T-K crosses and the gains on the first one were absolute bonkers and I don’t see any reason we should not have another great move up. The blue arrows show the flats on the Double Cloud at 440 and 800 suggesting we should see “edge to edge” cloud moves there with potential consolidation and those levels acting as support and resistance after we go forward.

The red arrows on the Average True Range shows where the ATR turned up on the weekly chart after reaching a low of a year or longer. Moving up after reaching multi-year lows is a general cue on equities and the fact that the ETR hit a low over a year on a crypto asset, which is in a market that moves about 15 times faster than crypto, is also bonkers.

The OBV EMA shows a massive move of the OBV above the 100 EMA and incoming bullish crosses of the 10 over the 100. EXTRAORDINARILY BULLISH . You can see in the main chart that volume has really exploded the last week and the OBV contextualizes the volume over the life of ETHUSD on Kraken.

If you are bearish long term after reading this I don’t know what else can be expressed to you. Massive long term bullish indicators that suggest that an investing approach (weekly or monthly purchases) consistently over the next couple of years make a lot of sense until we get the next TK cross.

When we drill down to the daily chart we see the same bullishness. The left chart shows price action testing the Tenken with the long wick down and the OBV volume tested the 100 EMA and bounced off. The right chart has the weekly MAs on the daily chart and there is a clear testing of the 50w. ABSOLUTELY BULLISH .

I swear, the bearish TA that is anything over 4h is almost criminally bad.
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