About to make a move.
Bias is on the bullish side, but watch for 0.382 FIB.
It's not an *absolutely* reliable pattern, it simply means it is better to tighten TP and SL imho. Better safe than sorry.
ETH should hope in a breakout on volume of BTC or a retrace is likely.
Awaiting a breakout and some *real* action.
Bulls should hope it's an ascending channel and not a rising wedge.
Too soon to say.
A lot depends on BTC, but ETH itself is mush fragile now.
There's a fragile interim support above main support, but now momentum is weak.
Beware, -IF- Bitcoin weakens ETH can turn down sharply from here.
So keep on eye at it as well.
The hIgh on Bitfinex was at 167$, which perfectly matches the first resistance level you find on my opening post.
Bulls may try to consolidate / find support onto FIB 0.382 area.
It would be a healthy / normal pullback.
Otherwise an ABC correction is likely and bears will take the lead.
A lot of manipulation ongoing on Bitcoin.
So watch out for false signals.
Break up, break down, break up, ...
ETH looks drunk today.
The problem are the guys playing with bitcoin.
Use caution, even better stay out.
It needs to paint a morning star and to recover 112$ ASAP.
here is bounce we were waiting for,
At resistance now.
We'll see, it's maybe a 40% chance as a lot depends on what -Bitcoin- is about to do.
Yet it's worth mentioning.
Timing was good, but it fell short.
Problem was that red candle on Feb, 11th.
Not much encouraging now, as it may paint a rising wedge.
Price actually peaked at 166,40$.
A decent forecast ;)
Decision time on ETH.
Come on ETH, time for some reaction.
what is your opinion about this circumstance?
As expected 150$ area is resistance.
There's a bull flag which may hint a cup&handle, yet price was rejected twice ( see yellow balloons ) and -it seems- a rising wedge is forming and encompassing the flag.
Nothing to worry so far, but it's definetely better to place a Take profit / Stop Loss accordingly, just in case that flag fails.
Volume is low an manipulation is feasible.
any pattern breakout needs volume as confirmation.
We can see the pattern on the chart, yet we *cannot* forecast the volume of a breaout.
Hence we should always use caution.
No peak in volume on breakout usually means failing pattern.
That's the rule of thumb.
It's not up to Bitcoin not to interfere ...
Your reply was correct in fact: it is my question that was slightly out of focus.
What I simply meant was: is that so common, so usual, for an uptrend to be denied after such a firm breakuot?
Come on, how often can that happen, how unlucky should I be: past breakouts usually went on into regular uptrends, why shouldn't it work this time too? Come on .. :) that's a more realistic phrasing of what I really meant :)
Now it seems like the answer could be yes: it isn't necessarily supposed to go on into a wonderful uptrend and the explanation to this could be found as you correctly mentioned in the volumes' profile.