9/24 Major downtrend line break ethereum
Daily chart
Ethereum has lost 89.3 percent of its value. this is also a key fibonacci level. it bounced off this level and has broken the major trendline from jan 29th and held above it a couple days. it has broken out of the bull flag thats inside of the giant falling wedge pattern. the daily rsi has bullishly diverged so i would not be trying to short this. The volume has picked up so this adds to the bull case. when something has fallen this much and with such a spectacular risk to reward, my question is why not take the trade? put your stop below the previous low and wait it out. now the waiting game to see what happens from here.
i do want to note that the btc/usd chart and the eth/usd charts have gone their own ways in these last few months.btc is making a descending wedge(a bearish pattern). could this be the opportunity ethereum needs to make a run to the #1 spot? is it even possible? time will tell but i can assure you in this young market anything is possible.
i can see altcoins taking up more market share in the future.
thanks for taking the time to checkout my analysis. happy trading guys and gals!!
Rigo
Ethereum has lost 89.3 percent of its value. this is also a key fibonacci level. it bounced off this level and has broken the major trendline from jan 29th and held above it a couple days. it has broken out of the bull flag thats inside of the giant falling wedge pattern. the daily rsi has bullishly diverged so i would not be trying to short this. The volume has picked up so this adds to the bull case. when something has fallen this much and with such a spectacular risk to reward, my question is why not take the trade? put your stop below the previous low and wait it out. now the waiting game to see what happens from here.
i do want to note that the btc/usd chart and the eth/usd charts have gone their own ways in these last few months.btc is making a descending wedge(a bearish pattern). could this be the opportunity ethereum needs to make a run to the #1 spot? is it even possible? time will tell but i can assure you in this young market anything is possible.
i can see altcoins taking up more market share in the future.
thanks for taking the time to checkout my analysis. happy trading guys and gals!!
Rigo