norok
Long

Summary discounts

KRAKEN:ETHUSD   Ethereum / Dollar
Since 2012 when altcoins came on the scene I have always been very bearish . One of my catch phrases related to Litecoin is that my long term target has been, is, and will always be $0.00. Ethereum             has been talked up to me by other traders and I've kept an eye on it for a few months now. I've rendered one-on-one advice here and there what the charts tell me and the answer has always been bullish despite my personal fundamental reservations.

Following the "hack" news price came down to a major support and I am impressed with it's resiliency. So long as it holds 10.92 this altcoin remains, despite my trepidation, bullish . In nay-saying this altcoin I've forgotten one of the key tenants of economics; price is whatever people think it is.
Trade closed: target reached: ETHUSD hit resistance at 15.8
4 Points to reference.

(A): The pivot high on 5/13/2016
(B): The break of the high and retest to the low of 5/28/2016
(C): Major move up to the high of 6/17
(D): Retracement to the low of 6/18.

(A) Sets up a high which is then broken on 5/16 with a minor move up. Price then comes back to retest that prior high which then matched the Ichimoku Senkou B line (yellow, it is the 52 period median). Price then had a major move off that level in (C). Then price retraced to retest the prior made and confirmed Resistance-turned-Support for an entry long up to the next Ichimoku level (green, the Kijun Sen 26 period median).
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