This zone is looking to be the likely last resort for a revival of the slaughtered bulls. Stand fast!
1) Weekly ATH Zone
2) Weekly uptrend that formed the ascending triangle to push the price to recent ATH's
3) Decent hidden bullish divergence
Most important of all this analysis is certainly the skill for whale watching. Anyone who has been here since the $10 ETH knows there is a ginormous Ethereum whale on Bitfinex that at one point accumulated a long of multiple hundreds of thousands of Ethereum (unfortunately the ethusdlongs doesn't go back that far). This whale always accumulates on the way down and distributes on the way up, like a professional trader who would be trading with 10s/100s of millions of dollars. (see comment)
Point being: the people making this market are those with the capital to hold margin positions this large, therefore "if you can't beat 'em, join 'em".
1) Weekly ATH Zone
2) Weekly uptrend that formed the ascending triangle to push the price to recent ATH's
3) Decent hidden bullish divergence
Most important of all this analysis is certainly the skill for whale watching. Anyone who has been here since the $10 ETH knows there is a ginormous Ethereum whale on Bitfinex that at one point accumulated a long of multiple hundreds of thousands of Ethereum (unfortunately the ethusdlongs doesn't go back that far). This whale always accumulates on the way down and distributes on the way up, like a professional trader who would be trading with 10s/100s of millions of dollars. (see comment)
Point being: the people making this market are those with the capital to hold margin positions this large, therefore "if you can't beat 'em, join 'em".
Comment:
twitter.com/FourthCr...s/980526895291826177
Comment:
Broke out of the current downtrend line on fair volume, looking good
Comment:
Above the 50 MA for the first time since the beginning of this bear run - if not signalling a bull run then surely a lengthy consolidation
Comment:
Clean break above long term bear trend line, skies are brightening
Trade closed manually:
Buying again after the retrace, check my new charts
