Let's jump right in to this ETH analysis. We are getting really close to where it's going to start moving sideways IF the last pattern holds true. You can see that if this holds true, the timing will be similar to where the trendline is. MACD is creating a REALLY close pattern and RSI is also looking almost identical to last time.
Couple interesting notations about this:
1. IF the pattern moves like last time, we will actually move past the trendline, or maybe break above. This WILL be a bull trap for a lot of people as they will think it's the signal to jump in the market at this point with the broken trendline. But we will know it's not and we can exercise patience and caution to wait for a better entry point and signal.
2. This will drop us to our buy zone around 375. We will start buying down there and adjust ladders accordingly down that direction.
Happy Trading,
-Sherem
Couple interesting notations about this:
1. IF the pattern moves like last time, we will actually move past the trendline, or maybe break above. This WILL be a bull trap for a lot of people as they will think it's the signal to jump in the market at this point with the broken trendline. But we will know it's not and we can exercise patience and caution to wait for a better entry point and signal.
2. This will drop us to our buy zone around 375. We will start buying down there and adjust ladders accordingly down that direction.
Happy Trading,
-Sherem
Comment:
previous analysis identifying the 400 zone -
Comment:
With this tether news coming out we could see a pop above the trendline before it starts moving sideways again. We know with how everything is forming up that we want to wait for further signals to buy ETH, not just the trendline breakout.
Comment:
i wasn't in a trade on this on, but if I was I would be stopped out. It's breaking this short term trend line. This could be bad.
Comment:
ETH is approaching our buy zone. My ladders are in place down around 400.
Comment:
If you look at the buy zone line we had, ETH hit the very top of it and rebounded HARD just before it got further down.
The bounce play is playing out right now with the exit being at the 460 resistance currently. I would NOT recommend going long here. Lets give this time to shape up a bit
The bounce play is playing out right now with the exit being at the 460 resistance currently. I would NOT recommend going long here. Lets give this time to shape up a bit
Comment:
New thread update:
