The price bounced from 400.00 support level and moved upward. It broke the downtrend line and passed through the cloud. Such price movement gives us a buy signal and confirmation that the market is going to move upward. We have a strong resistance zone near 480.00 level, and if the market breaks it too, we should expect for reaching new highs. Pending orders for buy can be placed above 480.00 level with stop orders below the local swing low at 386.50 level. Profit targets can be at round numbers like 550.00, 600.00 and 650.00 levels. Trade volume for this trade should be up to 10% from the capital. If you don't like risk/reward ratio, it's better to skip this trade. The same goes about the case if you are not sure in this market.
When do you predict Ethereum will hit $600-$650 levels? This week?
satertrading
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Great chart and analysis. May I recommend a modified Ichimoku model, that is tweaked for crypto (trades 24/7) rather than standard markets (closed on weekends)? I found one on TV, then modified the colors to be bolder for me. Rather than settings of 9, 26, 52, and 26, this one uses initial settings of 10, 30, 60, and 30, then DOUBLES the first three of those like some FOREX traders do, arriving at final settings of 20, 60,120, and 30. This eliminates a lot of the false breaks and "kneejerk" changes in the historical data. Right now, it tells the same story as the cloud you show above, but sometimes they are quite different. Just an idea!
jbluebs
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@satertrading, how do I use the cloud setting you suggested
satertrading
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@darknight1818, you can go out to the scripts and search for satertrading. You will see my saved scripts there - the one you want is called Ichimoku Crypto Cloud. Somehow it got saved twice! Good luck!
satertrading
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@darknight1818, you should just be able to make it one of your favorites. If this doesn't work, just let me know.
jbluebs
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@satertrading, awesome thank you. This does change things.
That TK cross on PIVX happened hours ago on the other setting. I’m curious how this changes the success of the indicator
satertrading
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@darknight1818, yes, but also note MRXSKY's astute observation on settings and trading timeframes.
satertrading
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@darknight1818, meant MRZSKY -- sorry for the typo!
@satertrading, I used those "doubled-up" settings on the Ichimoku when it comes to trend-spotting on the daily time-frame. However, I revert back to the 10/30/60/30 model when entering a day/short-term trade - it gives me faster signals which I compare with DMI+ADX, TDI, and Stoch RSI (all of these have their own custom settings, not the TradingView default ones)