Short term trend reversal? Trend Analysis of EWT
EWT is pretty much my favourite alt coin. I will likely be hodling from here for a while. I would like to buy more at lower prices if possible but right now its looking ready to go all the way. I honestly believe this might be our last chance to buy in single digits.
First noting where we are, We have recently seen an all time low and since then we appear to be moving in a newish upward channel. With multiple higher highs and higher lows so things are looking quite bullish indeed. Having already made 100% gains since the all time low the bears took that as their cue and have tried hard to bring price down but not very convincingly. There is a gradual short term reversal from the the last high at the top of the channel in the form of a multiple day descending channel. Price has slowly been grinding down and now nearing the apex of a descending wedge which is also at the bottom of the ascending channel. We now see signs of support (a few small green candles) just marginally higher than the expected touch of the bottom of the channel indicating strong buying power. Presently price teeters on the point of breaking through the top side of the wedge simultaneously with a small tight w likely to confirm at the close of todays candle. Recent volume is at an all time high. so I do believe a break out here could be the most explosive ever!
If price breaks down here however I will be happy to buy more any where between $5 and $6 just short of making an all time low. If price makes a new all time low it would be game on for the bears and I would possibly look at shorting small amounts until new signs of bullishness.
the chart I've made illustrates my buying strategy for both up or down scenarios. Not the channel and descending triangles let me know what you think of my trend lines analysis. :-D
Note I am betting bullish scenario is far more likely. I dont say that because of my obvious bias but frankly Etherium just made the highest weekly and monthly close ever. Soo... Ya! Fundamentals being what they are!!! With a set up like this I would be buying this even if I believed it was a shit coin! but would maybe swing trade it as apposed to my plan to hodl.
First noting where we are, We have recently seen an all time low and since then we appear to be moving in a newish upward channel. With multiple higher highs and higher lows so things are looking quite bullish indeed. Having already made 100% gains since the all time low the bears took that as their cue and have tried hard to bring price down but not very convincingly. There is a gradual short term reversal from the the last high at the top of the channel in the form of a multiple day descending channel. Price has slowly been grinding down and now nearing the apex of a descending wedge which is also at the bottom of the ascending channel. We now see signs of support (a few small green candles) just marginally higher than the expected touch of the bottom of the channel indicating strong buying power. Presently price teeters on the point of breaking through the top side of the wedge simultaneously with a small tight w likely to confirm at the close of todays candle. Recent volume is at an all time high. so I do believe a break out here could be the most explosive ever!
If price breaks down here however I will be happy to buy more any where between $5 and $6 just short of making an all time low. If price makes a new all time low it would be game on for the bears and I would possibly look at shorting small amounts until new signs of bullishness.
the chart I've made illustrates my buying strategy for both up or down scenarios. Not the channel and descending triangles let me know what you think of my trend lines analysis. :-D
Note I am betting bullish scenario is far more likely. I dont say that because of my obvious bias but frankly Etherium just made the highest weekly and monthly close ever. Soo... Ya! Fundamentals being what they are!!! With a set up like this I would be buying this even if I believed it was a shit coin! but would maybe swing trade it as apposed to my plan to hodl.