I had been working on this chart for a long while looking for any trade setup. Took a shower and drank some milk, and noticed the theoretical Primary trendline I drew was validated with another data point, putting ETH on my radar again. The theoretical trendline is not dotted as per my usual style but is holding thus far. Let's delve into the technicals!
We are coming off a double bottom at the $116.xx level: a bullish sign.
We are also in a downtrend as is easily seen in the chart -- these trendlines can be powerful support or resistance levels. this is Bearish.
We are forming a pennant with the Bearish pole formed on January 10th, 4Hr: This is Bearish.
We are moving towards a symmetrical triangle just a few candles ahead of our current price action. I consider the trading volatility to call this somewhat bullish.
Outlook:
ETH appears Bearish overall, but if you can buy on the Primary trendline you might be in for a short-term swing trade.
R1 is 134.xx
R2 is 145.xx
S1 is $116.xx
S2 is 101.xx
Volume is declining but the short-term is OVERSOLD. SWING TRADE POSSIBILITIES reside here. We are still range trading. I have been looking at these charts for hours trying to find something interesting, but we are trading some strange price action. I tweeted the Constantinople Fork date which is at any moment (if not already happening as I type this). God knows what volatility we may see subsequent to that.
Sorry guys, this was all I got for ETH. Set your alerts. Know your risk tolerance and don't trade if you don't feel comfortable. I am not taking a position unless well fall lower, at least to S1 level.
Tomorrow I will be on patrol, but as usual, watching the crypto markets closely. Follow me on twitter for my latest updates.
We are coming off a double bottom at the $116.xx level: a bullish sign.
We are also in a downtrend as is easily seen in the chart -- these trendlines can be powerful support or resistance levels. this is Bearish.
We are forming a pennant with the Bearish pole formed on January 10th, 4Hr: This is Bearish.
We are moving towards a symmetrical triangle just a few candles ahead of our current price action. I consider the trading volatility to call this somewhat bullish.
Outlook:
ETH appears Bearish overall, but if you can buy on the Primary trendline you might be in for a short-term swing trade.
R1 is 134.xx
R2 is 145.xx
S1 is $116.xx
S2 is 101.xx
Volume is declining but the short-term is OVERSOLD. SWING TRADE POSSIBILITIES reside here. We are still range trading. I have been looking at these charts for hours trying to find something interesting, but we are trading some strange price action. I tweeted the Constantinople Fork date which is at any moment (if not already happening as I type this). God knows what volatility we may see subsequent to that.
Sorry guys, this was all I got for ETH. Set your alerts. Know your risk tolerance and don't trade if you don't feel comfortable. I am not taking a position unless well fall lower, at least to S1 level.
Tomorrow I will be on patrol, but as usual, watching the crypto markets closely. Follow me on twitter for my latest updates.
