ETH left downtrend and started a new up cycle.
Just broke out,wait for a correction. First target is 260, wait for a correction towards yellow trendline.
Dont chase candles!
Updates will follow on lower timeframe.
Just broke out,wait for a correction. First target is 260, wait for a correction towards yellow trendline.
Dont chase candles!
Updates will follow on lower timeframe.
Comment:
Perfect touch of first targetzone @260 and trendline. Right now retracing. Lets wait and see till how far this correction can go.
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First target reached, perfect in the blue box.
Let's see if we get a (small) correction before further up towards 300
Let's see if we get a (small) correction before further up towards 300
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Tagetbox got hit, I'm expecting some pullback now.
Lets see how far before next leg up.
Once pullback is completed, we can determine next target.
Lets see how far before next leg up.
Once pullback is completed, we can determine next target.
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sorry, wrong chart above. No function to edit an update
Comment:
After topping out, ETH retraced as I expected which looks to me as a classic ABC-correction. Currently forming a bearish pattern bearflag which indicates more downside.
We have 2 options right now:
1) It doesnt break top at 304 and retraces back to (C)
2) It goes a bit more up as RSI shows it has short term room to the upside and retraces from the little blue box in top.
Trading advice: wait for further correction to (C) and watch price action there for next leg up or go short if it breaks the trendline. I will update if necessary.
We have 2 options right now:
1) It doesnt break top at 304 and retraces back to (C)
2) It goes a bit more up as RSI shows it has short term room to the upside and retraces from the little blue box in top.
Trading advice: wait for further correction to (C) and watch price action there for next leg up or go short if it breaks the trendline. I will update if necessary.
Comment:
Just a small note extra about Trading Advice: if B extends to the blue box, it will be also a nice short to C. If it doesn't break to the upside!
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So, it was the second option....
Price hit the target zone and is retracing a bit now. If it breaks the yellow trendline, its very likely to visit the blue box in the bottom of channel what should be a good point to consider adding longs for the run to (5)
Price hit the target zone and is retracing a bit now. If it breaks the yellow trendline, its very likely to visit the blue box in the bottom of channel what should be a good point to consider adding longs for the run to (5)
Comment:
Watch price action.....
A break out to the upside changes the pattern
www.tradingview.com/chart/Z1iG7mSF/
A break out to the upside changes the pattern
www.tradingview.com/chart/Z1iG7mSF/
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does it work now?
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On its way.....
I repositioned the targetbox slightly as it became more clear now (B) is in position
I repositioned the targetbox slightly as it became more clear now (B) is in position
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Targetbox got hit already!
Based on RSI + MACD, I'm expecting some more downside. Possible scenario in blue.
Breakout to the upside could be a buysignal, watch priceaction near upper trendline but be carefull as I', still bearish on ETH.
Based on RSI + MACD, I'm expecting some more downside. Possible scenario in blue.
Breakout to the upside could be a buysignal, watch priceaction near upper trendline but be carefull as I', still bearish on ETH.
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ETH broke out of the down trend channel but it didnt convince me....
I cant really explain, but I have the feeling it will look for more downside.
Currently in a expanding triangle which is a trend reversal pattern (down)
I cant really explain, but I have the feeling it will look for more downside.
Currently in a expanding triangle which is a trend reversal pattern (down)
Comment:
ETH is about to finish its 5th leg. Watch priceaction near 5.
I'm still bearish, these 2 channels look like an ABC correction for me.
Lowered my target
I'm still bearish, these 2 channels look like an ABC correction for me.
Lowered my target
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Wanted to upload this chart with the ABC in it:
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Forming a bigger pattern.....
If it breaks, we might have started a new uptrend already. but not yet convinced.
Remember, it already hit my targetbox so the initial correction is in. I was looking if it can go lower.
If it breaks, we might have started a new uptrend already. but not yet convinced.
Remember, it already hit my targetbox so the initial correction is in. I was looking if it can go lower.
