ETH INTRA-DAY BREAKDOWN - 23/12/18
What has occurred since our last INTRA-DAY BREAKDOWN FOR ETH ?
- I stated that we should go long at 82$ and that our take profit targets were 103$ firstly (our most conservative target) and then 133$ (still a conservative target) and finally incase BTC saw a pump to highs of 4700$ (capped at this level), ETH would meet our final target of 175$, which is a previous price floor and now would be a classic price ceiling.
Lets update our thoughts on ETH a bit through some top down analysis…..
What is the 1 day chart showing us for ETH ?
- As we can see we used 60 level RSI as support from 118$ to take us to blast off to our 133£ target. The 118$ resistance was pretty difficult to break and I stated in my initial analysis that this was one of the levels we would have trouble breaking. Now price is currently at 133$ and looks like the 61 level on daily RSI/ROC is currently being used as support, thus we can expect some further upward activity if we close like this on the daily at the least to around 76 RSI/ROC, which would probably equate to around 155$ to the upside in quick fashion. None the less, its good to use some intuition in these kinds of scenarios and we can see that historically we have found it difficult to break this 133$ ceiling and considering the fact we have been long since 82$ it would not hurt to move SL to profit or to close your trade and celebrate your win.
What can we see on the 4 hour charts for ETH ?
- We can see that thus far we have had rejections on average from 133$ ceiling (a previous price floor) and indicators such as EMA and MA’s are showing signs of being used as support around 118$ price floor - remember, this price floor could be completely broken to the downside now that we have reached our conservative target.
- Instead, what I expect to occur is that we continue to see a rejection from the 61 level on RSI/ROC on the 4 hourly charts and I expect decline to continue till 47 level at the minimum, if not the 39 level, where ETH will find support in order to continue upward ascend. Therefore, we will and should get a drop to at least the 60 level on RSI, if not the 40 level, which is infamous support.
What can we see on the hourly charts for ETH ?
- We can see that we are seeing a rejection from the 60 level RSI level, which is a resistance at the minute in accordance with current price level and thus we would expect rejection to continue till at least the 40 level on hourly RSI, if not the 28 level in a worst case scenario, where we see significant price crash.
- We can see on our RSI/ROC indicators that ascending trend line for support is currently just above 40 level on this indicator and a drop to this zone is essential in order to continue price ascend.
- EMA 200 on the hourly lies at 111$ currently and this zone is the next support zone, if 118$ is broken to the downside…. Inevitably support should and would be found at either of these levels and further downside I do not expect just yet.
What is the upside potential ?
- BEST CASE UPSIDE POTENTIAL AT THE MINUTE IS 155$ AND THIS HAS BEEN REDUCED FROM 175$, IN LINE WITH RUBBISH BTC PRICE ACTION.
- NOW, IF YOU HAVE BEEN IN THIS TRADE SINCE 82$ AND IM STATING THAT WE WILL DROP TO 111 OR 118$, ITS SENSIBLE TO CLOSE YOUR LONG TRADE AND RE-ENTER LONG ONCE THE BOTTOM IS CONFIRMED AGAIN.
- CURRENT BEARISH ACTIVITY ON ETH IS SIMILAR TO BTC BEARISH ACTIVITY
- REMEMBER, FOR HODL POSITIONS, DONT START HODLING JUST YET, OUR FINAL TARGET FOR ETH TO THE DOWNSIDE IS YET TO BE ACHIEVED AT 44$.
PLEASE SEE RELATED IDEAS DOWN BELOW ;) & don't forget to stay up to date with our calls by following our Instagram and telegram channels down below AND ON OUR TRADINGVIEW PAGE - CALL AFTER CALL CORRECT!
What has occurred since our last INTRA-DAY BREAKDOWN FOR ETH ?
- I stated that we should go long at 82$ and that our take profit targets were 103$ firstly (our most conservative target) and then 133$ (still a conservative target) and finally incase BTC saw a pump to highs of 4700$ (capped at this level), ETH would meet our final target of 175$, which is a previous price floor and now would be a classic price ceiling.
Lets update our thoughts on ETH a bit through some top down analysis…..
What is the 1 day chart showing us for ETH ?
- As we can see we used 60 level RSI as support from 118$ to take us to blast off to our 133£ target. The 118$ resistance was pretty difficult to break and I stated in my initial analysis that this was one of the levels we would have trouble breaking. Now price is currently at 133$ and looks like the 61 level on daily RSI/ROC is currently being used as support, thus we can expect some further upward activity if we close like this on the daily at the least to around 76 RSI/ROC, which would probably equate to around 155$ to the upside in quick fashion. None the less, its good to use some intuition in these kinds of scenarios and we can see that historically we have found it difficult to break this 133$ ceiling and considering the fact we have been long since 82$ it would not hurt to move SL to profit or to close your trade and celebrate your win.
What can we see on the 4 hour charts for ETH ?
- We can see that thus far we have had rejections on average from 133$ ceiling (a previous price floor) and indicators such as EMA and MA’s are showing signs of being used as support around 118$ price floor - remember, this price floor could be completely broken to the downside now that we have reached our conservative target.
- Instead, what I expect to occur is that we continue to see a rejection from the 61 level on RSI/ROC on the 4 hourly charts and I expect decline to continue till 47 level at the minimum, if not the 39 level, where ETH will find support in order to continue upward ascend. Therefore, we will and should get a drop to at least the 60 level on RSI, if not the 40 level, which is infamous support.
What can we see on the hourly charts for ETH ?
- We can see that we are seeing a rejection from the 60 level RSI level, which is a resistance at the minute in accordance with current price level and thus we would expect rejection to continue till at least the 40 level on hourly RSI, if not the 28 level in a worst case scenario, where we see significant price crash.
- We can see on our RSI/ROC indicators that ascending trend line for support is currently just above 40 level on this indicator and a drop to this zone is essential in order to continue price ascend.
- EMA 200 on the hourly lies at 111$ currently and this zone is the next support zone, if 118$ is broken to the downside…. Inevitably support should and would be found at either of these levels and further downside I do not expect just yet.
What is the upside potential ?
- BEST CASE UPSIDE POTENTIAL AT THE MINUTE IS 155$ AND THIS HAS BEEN REDUCED FROM 175$, IN LINE WITH RUBBISH BTC PRICE ACTION.
- NOW, IF YOU HAVE BEEN IN THIS TRADE SINCE 82$ AND IM STATING THAT WE WILL DROP TO 111 OR 118$, ITS SENSIBLE TO CLOSE YOUR LONG TRADE AND RE-ENTER LONG ONCE THE BOTTOM IS CONFIRMED AGAIN.
- CURRENT BEARISH ACTIVITY ON ETH IS SIMILAR TO BTC BEARISH ACTIVITY
- REMEMBER, FOR HODL POSITIONS, DONT START HODLING JUST YET, OUR FINAL TARGET FOR ETH TO THE DOWNSIDE IS YET TO BE ACHIEVED AT 44$.
PLEASE SEE RELATED IDEAS DOWN BELOW ;) & don't forget to stay up to date with our calls by following our Instagram and telegram channels down below AND ON OUR TRADINGVIEW PAGE - CALL AFTER CALL CORRECT!
