basmcc

ETH to USD 157? Short term bottom at USD 304

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Hello Crypto enthusiasts!

Now that the last bottom of USD 460 has been crossed (past analysis attached), I believe it is time for an update, so here we go!

Taking a step back to the 1 Day view, as indicated in the chart, a Head and Shoulders pattern emerged on November 12 2017 (approximately), and is expected to end on April 5 2018. We are still in a bearish market where a support level around USD 446 is currently being tested; the peak in volume on March 18 2018 can be considered the trendsetter.
If breached the next support is most likely around USD 359, with a stronger support around USD 304; hence the expectation is for the pattern to bottom out around the USD 304 level in the short-term.

In the medium to longer term, and based mostly on "ICO" related regulatory announcements, as indicated in my previous analysis, and taking into account the bearish trend , I would expect the market to test the price range between approximately USD 275 and USD 188 with support around USD 251 and USD 221, if breached we could possibly reach USD 157, which is the intersection of the support tested on July 16 and 17 2017, and the lowest Fibonacci retracement level on the graph, making it the ultimate reversal test, if breached it would be another slippery slope for ETH.

So where would you get in? Depending on your trading/investment strategy and personal preference, I would wait for any bottom confirmation and get in on the rise (1 or 2 green consecutive candlesticks with decent volume , depending on your risk tolerance).

I have been following the market for some time now, but still relatively new to this, so your comments and feedback (including "likes") would be appreciated!

Safe trading to you all!
Apr 12
Comment: Hello Crypto enthusiasts!
We have reached a critical point today, breaching the USD 445 resistance.
In my personal opinion and largely based on the news related to George Soros and the Rockefellers getting interested in blockchain and cryptocurrencies as a possible investment, along with the Tax season in the United States of America approaching its end (April 17), I believe the Bull session has started.
However, volume remains low, thus I would advise caution. No major reversal signal is in play yet, but it might be a good entry point to start accumulating ETH.
The next major event which would affect ICOs is related to the G20 task force recommendations scheduled in July. Thus I would expect the market to react positively or negatively based on that news.
I would like to reiterate, this is in no way a trading advice, simply a personal opinion.

Safe trading to you all!
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