ft-73

[Watch it] On the edge. Will the Sleeping Giant Get Up at last ?

POLONIEX:ETHUSD   Ethereum / U.S. Dollar
567 views
10
We have a strong confluence of medium term moving averages within 185-200$.
We also have a rather obvious symmetric triangle next close its apex, which may encompass an ascending triangle actually - not 100% sure.

Those MAs under price should provide some degree of suppport, so i have to assume a slight bullish bias here.

I wouldn't rely on bias alone though, in term of risk management i consider better waiting and watching breakout, then acting accordingly.

DYOR, take care.




Comment: A breakout of wedge is expected within a week at worst.


Key support at 188-190$.
First resistance 214-215$.

I see a sligh bullish bias, but alot depends on what Bitcoin is going to do.
Play safe,watch the breakout.
Comment: Breakout, moreover +15% within a week.


What still bugs me is volume, unless it picks up any soon i should assume a fragile situation. Let it, go, but have a take profit. Maybe in trailing.
Comment: Now 190-200$ should be regarded as support.
Comment: Use caution, we may have a diamond formation.
I hate diamonds, they're almost unpredictable and usually exhibit cumbersome breakouts.


It can be a diamond top or a half staff.
We'll have to wait and look for some bias.

If you're still in be sure to place a take profit as a warranty.
Let's see.
Comment: (just a hyphotesis, an early heads-up)
Comment: Reason diamonds are tricky:
http://thepatternsite.com/diamondt.html
Comment: Look at it.

Comment: If it was Bitcoin i would have bet on a half staff.
But this is Ether and we'll have to see.
Comment: So, let's put it into perspective.


Bulls managed to recover the former channel and are currently challenging the 250$ resistance area. I mentioned a diamond formation here, a pretty unpredictable pattern.

I see a slight bullish bias here ( hence i stay Long and have a TP as a waranty ), yet safest option is awaiting breakout, and more important, volume.
Comment: Keep your eyes open.


*IF* bulls can overcome 250$ area on volume, then i'd suppose a MMU ( see ABC o chart ) would be feasible. If they fail well reconsider after test of support ( roughly 220$ ).
Comment: A last, short term consideration and a different take on the matter.


If bulls manage to take the yellow route they may try achieve a breakout, hence possibly a MMU.

Point is we have a diamond and a TD count=9 already on daily, hence there's a very tight *window of opportunity* for them in terms of time.

If price will keep moving sideways i think a a pullback will get increasingly likely.
So watch WE.
Comment: Beware, time passing by.

Comment: 24/48h for bulls to try confirming that pennant -AND- keep over support.
Otherwise pullback likely.
Comment: Have a TP if you're Long.
Comment: Ether should try to pierce the 250$ resistance area before the end of June.

Comment: Interesting to notice Ether achieved a TD count=10 on weekly already.


It only happened one time within the last 5 years.
It was back in december 2015, before the bull run.
Comment:
Comment: Very, very risky. Beware of risk of loss of support.


Have a stop.
Comment: Ether at resistance.
Once more.

Comment: Ether has support in the 290-320$ range.

Comments

I'm not in, but really a very very very good trade
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out