ETH forming a symmetrical triangle- will be watching closely to see which way it breaks for possible long entries. - Buyer volume is drying up and bearish divergence on the RSI - Bearish Gartley formed on the 30-minute timeframe
**just thoughts**
Comment
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ETH broke below the uptrend support line, will post an updated chart in a bit
Again- not to argue- but a wick under support is not "breaking below support" It is still holding support as we speak. A break and close under support is what is needed for the support line to be broken. Lets not speak too soon.
jacobosiason7
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@piratesfan78, Zoom in, multiple candles below uptrend- bearish Gartley on the 30min timeframe, and a massive H&S forming
WQPortfolios
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@josiason17420, you are right. It isn't quite closed below on mine, I have subtlely different points. That being said, I'm short at this point, I see no evidence that eth will be able to Garner enough support to break to the upside. I hope I'm wrong, but I'm not going to get wrecked
WQPortfolios
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@josiason17420, I don't see the head and shoulders.........what time frame?
jacobosiason7
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@piratesfan78, weekly on BTC
Triangle_Traders
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Do we expect it to bounce Up off the 200dEMA?
jacobosiason7
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@videosims bounced off 2600
Triangle_Traders
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@josiason17420, I know. I think we are on the way up but we are still choppy right now
WQPortfolios
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the 4 day chart (specicially the bottom indicators) illustrates a strong change at a clear bullish recovery, being somewhat offset by downward movement of the RSI (the red line) under 50. As long as the green line can stay over 50 and the energy (indicated by the white currently at around 32) can break over 50, this will pull the RSI back over 50, and allow the SMA (blue) to easily stay above 50 and allow the ETH charts to flip bullish in the intermediate term, in turn allowing for a reasonable chance at a full recovery. IF this turns down (which it shouldn't outside of market manipulation) then the recovery is wrecked, and ETH falls into the same multi-month mire that BTC has already crumpled into.
WQPortfolios
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So i'm looking at volume and I'm not seeing what you are seeing at all. There is NO drop in buying volume, what there is, is an increase in SELLER volume which means that bears are shorting at resistance constantly as they do NOT want ETH to break to the upside. Make no mistake if this triangle fails, its going to be a bloodbath and that's what they want. Its time for bulls to stop pissing around and buy so we can breakout to the upside and start making money again. It is not the time to wait to buy on the next drop, cause if you do, we could be mired in sideways movements for MONTHS and that is at best. People need to quit being greedy and do what they need to do to get the bulls back in charge. It is within grasp, but being greedy will end in this bull market being wreckt