MagicPoopCannon

Ethereum Sizes Up Downtrend Channel Breakout! (ETH)

COINBASE:ETHUSD   Ethereum / U.S. Dollar
Hi friends! Welcome to this update analysis on Ethereum! Let's get right to it! Looking at the daily ETH chart, we can see that Ether remains in a downtrend channel (in blue.) However, price is currently holding above the 50 EMA (in orange,) and testing the top of the downtrend channel . So, price is currently being pinched between those two key levels. Therefore, we can expect that whichever direction ETH breaks out in, could produce some large volatility .

One interesting thing to note, is that much like LTC was, ETH is falling in a downtrend channel . Perhaps the LTC breakout has dramatically led ETH and other cryptocurrencies that are in a similar technical position. That being said, if ETH does manage to break out, it could be very powerful. In fact, we could see a rally all the way to the 167 level, should price break out above this downtrend channel .

The MACD has printed major bullish divergences, but has yet to cause price to react to the upside. So, keep a close eye on the direction we take, between the top of the downtrend channel and the 50 EMA .

I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic!  Au  revoir. 

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.*** 

-JD- 
next days......

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another altcoin to watch.
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Maybe my trendlines are drawn wrongly, but I would like to say it has broken up from the downtrend channel on the daily.
+1 Reply
Jolgan shaslund
@shaslund, right, but we should wait for the close of current candle for confirmation
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shaslund Jolgan
@Jolgan, Agree :-)
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heyitskolin shaslund
@shaslund, I believe it is because he has his lines parallel; whereas yours are not. Therefore your channel is narrowing which makes it more wedge like (eventually).
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Yep. Not ideal but the same view.
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dont u think it could be head and shoulder as well especialy when btc fails on 4 hours chart
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it's moon time
+3 Reply
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