If you checked out our last 4hr ETHUSD chart, you see that ETH was able to successfully break out of our falling wedge pattern as expected. I would've liked more volume, but a breakout nonetheless. If you would've bought at the $280 range we mentioned and sold at the $318 level, you would've made yourself a nice %13 percent gain in just 4 days.
We just had a nice little dump back into the $280 range and seeing everyone panic sell again (as always). We see ETHSUD has found support just under our channel at the 200EMA line in white.
We'll be watching this are closely for a couple of reasons:
1. We did just go under our channel which has been holding support since early May if you look at the chart.
2. We're at support at the 200EMA, which if broken down we could see a hefty fall
3. ETHBTC has broken it's support level
Bearish Case:
If we fail to hold support at the 200EMA and fail to get back inside the uptrend channel that we have been riding since early may, we could see a fall as steep to $180-$190 levels. We got this by taking the width of the previous channel in the blue dotted line and applying it to where the breakout is occurring.
Bullish Case:
Could be a great area to pick up. If ETH gets back in the trend channel, we have a lot of room to run. Targeting $356, $379, $409.
Keeping a close stop loss here at $280 at the moment ass the bears are in control at the moment.
Disclaimer:
I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. I will not and cannot be held liable for any actions you take as a result of anything you read here.
Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on here, expressed or implied herein, are committed at your own risk, financial or otherwise.
We just had a nice little dump back into the $280 range and seeing everyone panic sell again (as always). We see ETHSUD has found support just under our channel at the 200EMA line in white.
We'll be watching this are closely for a couple of reasons:
1. We did just go under our channel which has been holding support since early May if you look at the chart.
2. We're at support at the 200EMA, which if broken down we could see a hefty fall
3. ETHBTC has broken it's support level
Bearish Case:
If we fail to hold support at the 200EMA and fail to get back inside the uptrend channel that we have been riding since early may, we could see a fall as steep to $180-$190 levels. We got this by taking the width of the previous channel in the blue dotted line and applying it to where the breakout is occurring.
Bullish Case:
Could be a great area to pick up. If ETH gets back in the trend channel, we have a lot of room to run. Targeting $356, $379, $409.
Keeping a close stop loss here at $280 at the moment ass the bears are in control at the moment.
Disclaimer:
I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. I will not and cannot be held liable for any actions you take as a result of anything you read here.
Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on here, expressed or implied herein, are committed at your own risk, financial or otherwise.
Comment:
Still running. If you took the advice up top with the $280 Stop Loss you would've save yourself from a 17% loss at the moment. Looks like we hit the first support zone in the $230's. Keeping watch.
Comment:
Almost there on our $180-$190 target.