ETH/USD 4 hr GDAX...Bullish Bias Weakening In The Short Term...
Hello everyone. As promised, ETH is next for an update--and an update it surely will get ;-).
Without a doubt, Ethereum is showing some mixed signals. The most recent price action has buyers coming in at the golden zone. This is a hot spot for a potential pivot, which could potentially place us in an ideal entry area for the beginning of a 3rd wave. Will we follow the which Bitcoin lays in these coming weeks, or will we see opposite behavior from the reigning #2 contender? Believe me, I wish I knew.
However, looking at my chart, you can clearly see a test and break of the 65, which certainly favors another kick down. Stoch RSI seems ready to pop, but indicators can easily be deceptive. Elliot Wave, Fib Pulls, and Algo Targets are what I rely on. If you are approaching this with a bullish bias, I have drawn arrows showing how I would play this if we do see a motive way come off this low. Right now as we sit, definitely a no trade zone, as the profit to be made here does not justify the risk/reward. I would wait for the retrace and place the trade in my hypothetical green box. That, in my opinion, is more conservative.
From the bearish perspective, I still am looking for a realized target nearer to the 786 with ETH. The destination would still be the same with greater risk/reward. The break of the 65 adds confluence that the market wants ETH lower--although we have seen many times that bears don't always get their targets. I have yet to throw the infamous pitchfork on this chart just yet, as I sit and wait to confirm my 3rd pivot.
As always, this is not financial advice but educational material to help others learn how I setup trades and approach the market. I play conservatively, practice good money management, and always use a stop. Please like and comment if you find this information helpful, as I will do my best to show some love to ETH and update this chart regularly.
Good luck all
--longmoney
Without a doubt, Ethereum is showing some mixed signals. The most recent price action has buyers coming in at the golden zone. This is a hot spot for a potential pivot, which could potentially place us in an ideal entry area for the beginning of a 3rd wave. Will we follow the which Bitcoin lays in these coming weeks, or will we see opposite behavior from the reigning #2 contender? Believe me, I wish I knew.
However, looking at my chart, you can clearly see a test and break of the 65, which certainly favors another kick down. Stoch RSI seems ready to pop, but indicators can easily be deceptive. Elliot Wave, Fib Pulls, and Algo Targets are what I rely on. If you are approaching this with a bullish bias, I have drawn arrows showing how I would play this if we do see a motive way come off this low. Right now as we sit, definitely a no trade zone, as the profit to be made here does not justify the risk/reward. I would wait for the retrace and place the trade in my hypothetical green box. That, in my opinion, is more conservative.
From the bearish perspective, I still am looking for a realized target nearer to the 786 with ETH. The destination would still be the same with greater risk/reward. The break of the 65 adds confluence that the market wants ETH lower--although we have seen many times that bears don't always get their targets. I have yet to throw the infamous pitchfork on this chart just yet, as I sit and wait to confirm my 3rd pivot.
As always, this is not financial advice but educational material to help others learn how I setup trades and approach the market. I play conservatively, practice good money management, and always use a stop. Please like and comment if you find this information helpful, as I will do my best to show some love to ETH and update this chart regularly.
Good luck all
--longmoney
Comment:
Beginnings of a good reaction. Me, I wait for retracements and wave structure. Too soon to tell
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ETH is def not making this easy. We have broken the 65 in the bullish direction. The war is on. Sticking with original count and play.
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ETh will be revealing its direction over the next couple of days.
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And he we are. I will be watching out ETH handles that 50
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Alarm hit. ETH at the 50
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Interesting...New ETH chart coming soon ;-)
Trade closed manually
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ETH new chart incoming... I promise. Soon ;-)
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Interesting lol ;-)
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Trade closed manually:
Just closing the chart so I can post new update...Helps me keep track. Trade safe everyone
Comment:
ETH chart coming soon... Closing post out ;-)
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A prelude. ETH will be posted sometime today...Like I am ever on time though lol. Will do my best
Trade closed: stop reached:
You take a 1 hr nap and this happens lol ;-)