Bullish cypher possible here ETHUSD if we get a confirmed local top around 148-150. This is the more immediate bearish outlook of ETH touching the bottom of the large wedge before heading back towards the upper bounds
Notice the major decrease in volume with rising prices
Short term -- bearish, followed by a big move upwards
Still learning harmonics. Thanks...
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ETH/USD looks very interesting as we approach EQ of consolidation block. For a BitMex trade like this I use 10x leverage.
Multiple reasons for this entry-zone: 12hr 200-MA along with an overall 88.88 Fib, EQ of current consolidation block and an old swing-low.
ETHUSD is approaching our first support at 134.48 (horizontal overlap support, 38.2% Fibonacci retracement, 61.8% Fibonacci extension) where a strong bounce might occur below this level pushing price up to our major resistance at 166.99 (horizontal swing high resistance).
Stochastic (34,5,3) is also approaching support where we might see a corresponding rise in...
Everything you see is on the chart. Rising wedge bearish break down pattern on daily. Strong resistance and possible rejection on 160$ > + key levels. If key resistance will be broken up then this idea would be invalid. If price starts to break down starting next week better to open shorts on eth-usd with targets to 80$. Gl and HF!
We can see a potential double top forming on the H4 Chart for ETH/USD. I have plotted some entry and profit/stop loss points if you want to make some quick $ with technical trading.
Overall Chart Trend: Bullish
Chart Pattern Outlook: Bearish
Expect a small pullback on the lines indicated followed by a larger pattern upward in the long term.
Let me know if you...
ETHUSD is approaching our first support at 119.05 (horizontal overlap resistance, 100% Fibonacci extension, 38.2% Fibonacci retracement) where a strong bounce might occur below this level pushing price up to our major resistance at 125.26 (horizontal swing high resistance, 61.8% Fibonacci retracement).
Stochastic (21,5,3) is also approaching support where we...
$ETH SHORT Idea - A Daily Close above $128 (0.382 fib) can take the price to 142 (0.618 fib). There SHORTS can be built up between 142 (0.618 fib) & 153 (0.786 fib) with a SL above recent HIGH (shown on chart). This allows an opportunity to join the larger DownTrend. Remember we are still in a own Trend until proven otherwise.
Simple chart with price targets
Unless we see a sustained bullish move, ETH will likely remain in this channel until a bullish move invalidates this chart.
At the current movements it looks like in the $30's by March 2019.
Yellow - Trendlines
Green - Fibonacci