ETHEREUM ETH BEARISH WOLVE WAVE PATTERN ON 1 HOUR CHART
Hello traders,
We are looking here at the hourly chart of Ethereum.
We see here a Wolve Wave pattern with a target of aprox. 3250. This happens to be also the 50% retracement Fibonacci Level. So both targets are coming together. ETH formed also a negative divergence in the RSI so different signals for the same target. The false breakout of the 5th wave validates the Wolf Wave.
The volume of Ethereum in this pattern is also interesting. In the first wave we saw a large volume up to 3500 USD. The decline showed even much greater volume. In the rise of the last 2 waves in the pattern we see that the volume was lower. That was already a hint of the false breakout and after which immediately this pattern was formed.
This is a hypothesis because patterns can and do fail but often they work well. Nevertheless, given the volume progression and the big rise of the last few weeks, it certainly seems possible to me.
A stop above 3600 USD. If we do break out above 3600 USD this should be done with good volume. With a RE-TEST of 3600, I am again bullish for the longer term on Ethereum and the price targets from my previous analysis come into play.
This view of Ethereum is purely my own opinion and absolutely no investment advice. Always do your own research before making a trade.
Happy trading and as always best use money management and stops to protect your capital.
We are looking here at the hourly chart of Ethereum.
We see here a Wolve Wave pattern with a target of aprox. 3250. This happens to be also the 50% retracement Fibonacci Level. So both targets are coming together. ETH formed also a negative divergence in the RSI so different signals for the same target. The false breakout of the 5th wave validates the Wolf Wave.
The volume of Ethereum in this pattern is also interesting. In the first wave we saw a large volume up to 3500 USD. The decline showed even much greater volume. In the rise of the last 2 waves in the pattern we see that the volume was lower. That was already a hint of the false breakout and after which immediately this pattern was formed.
This is a hypothesis because patterns can and do fail but often they work well. Nevertheless, given the volume progression and the big rise of the last few weeks, it certainly seems possible to me.
A stop above 3600 USD. If we do break out above 3600 USD this should be done with good volume. With a RE-TEST of 3600, I am again bullish for the longer term on Ethereum and the price targets from my previous analysis come into play.
This view of Ethereum is purely my own opinion and absolutely no investment advice. Always do your own research before making a trade.
Happy trading and as always best use money management and stops to protect your capital.
Comment:
Traders, here's a link to mylate analysis of Ethereum and as you can see the target of the Wolve Wave comes out approximately with Support 1.
Comment:
Hello Traders, one thing to clarify, You need to know that I am Bullish on ETH for mid to longer term. Here we are talking about the 1 hour time frame. That is short term trading! Going short on the sort time frame means or a Buy stop or really shorting ETH untill the target.
Mid to longer term Ethereum will almost for sure hit much higher levels then we have seen so far. You can see it in my previous charts!
Happy trading!
Mid to longer term Ethereum will almost for sure hit much higher levels then we have seen so far. You can see it in my previous charts!
Happy trading!
Comment:
Hello traders,
We see that now the trendline of the rising wedge has been broken. We are on the way to the target. After reaching the target need to see how the structure develops in Ethereum.
We see that now the trendline of the rising wedge has been broken. We are on the way to the target. After reaching the target need to see how the structure develops in Ethereum.
Comment:
Traders, as we all know, the crypto currencies are massively manipulated by the larger parties and instituionals.
These big boys pump and dump whenever they want. Patterns do not work always because nothing is 100% sure in TA. We see often that if a pattern fails, we get an agressive move in the opposite direction.
If Ethereum manages to break above the all time high (+3600) and show good volume we will continue to higher targets.
I would only advice that you wait with patience after an outbreak untill the outbreak level is RE-tested. Only a re-test validates the outbreak and we reduce the risk of a false outbreak which happens so often the last months.
These big boys pump and dump whenever they want. Patterns do not work always because nothing is 100% sure in TA. We see often that if a pattern fails, we get an agressive move in the opposite direction.
If Ethereum manages to break above the all time high (+3600) and show good volume we will continue to higher targets.
I would only advice that you wait with patience after an outbreak untill the outbreak level is RE-tested. Only a re-test validates the outbreak and we reduce the risk of a false outbreak which happens so often the last months.
Comment:
Traders we are now at our last all time high. If ETH rises more than our trade is closed.
At this moment it could though still be a double top so that scenario need to be invalid first!
At this moment it could though still be a double top so that scenario need to be invalid first!
Trade closed: stop reached:
Hello traders,
We have our break to all time high with good volume.
To go long wait for a retest of the outbreak level at 3600 otherwsie you have the risk of a false outbreak!
Happy and safe trading!
We have our break to all time high with good volume.
To go long wait for a retest of the outbreak level at 3600 otherwsie you have the risk of a false outbreak!
Happy and safe trading!
Comment:
First target 4000 USD within a few days!