EtherCharts

EtherCharts

The large consolidation are we discussed some weeks back is doing its thing. We have had a couple of additional, but smaller consolidations after we broke out of the large one. Target is over 1000. it actually measures to about 1080 but I have learned that these charts are not quite as orderly as a stock chart or an index chart. Hang tight. This very likely...

EtherCharts

I woke up yesterday as many did and immediately was greeted by a wave of selling pressure across all cryptos. Since I chart ETH/USD constantly that was my 'go-to' chart to help me understand what was going on. What I saw was a severe overreaction to an already severe sell-off. Even though ETH/USD dipped under 500.00 the SHAPE of the trading told me to just...

EtherCharts Updated 

Just a few things to note in this chart. First, this is a logarithmic chart. Use not other kind of chart if you want to make any sense at all from cryptocurrency charts. Coming off of the sharp pull back to just under 400, we see a green rising channel that was interrupted with what NOW appears to be a bull flag (blue short descending channel). that Bull flag...

EtherCharts

I mentioned a couple of weeks ago that ETH/USD had broken out of a fairly long consolidation 'triangle' and that breakout meant a likely rally to over 1000. Obviously, that call is looking better and better every day. After the initial breakout there was a strong pull back to under 400 - two in fact. Those are normal and to be expected. Now, ETH/USD spent...

EtherCharts Updated 

Looks to me like the last couple of days of decline in the ETH/USD chart is charged with some emotional selling. That likely means we are near a short term bottom since it is typically the emotional crowd that buys high and sells low. The chart still has the large consolidation pattern that we are STILL over. In fact, we could trade down another 8-10% and STILL...

EtherCharts Updated 

This is the third comment I have made on the ETH/USD chart over the last week. The reason? There are three noteworthy chart developments. Quickly, here they are... 1. ETH/USD made a strong move over a trend line that had developed after its very first move over 400 this past Summer. This trend line was part of a consolidation pattern that projects, with that...

EtherCharts

I thought earlier this morning that ETH/USD might be setting up for a trip to test support in the 420's or low 430's. I may have been wrong. Snapping parallel trend line to the tan line that clearly shows the last two short term tops, it appears that the weakness this morning could be nothing more than the second data point in the channel's support line. Of...

EtherCharts

The breakout from the inverted head and shoulders appears to have reached its apex and now the ETH/USD chart shows a counter trend to test support. Look for a couple of areas to provide it. First, the purple inverted head and shoulders neck line. Second, the area that is right where the breakout happened - the mid to low 430's.

EtherCharts Updated 

Nobody like to witness a sharp pullback when they are on the long side of the trade. Pullbacks are sometimes the swiftest and most precipitous declines one will ever see in the markets. I believe this is what ETH/USD is going through right now. This chart shows a fairly clear line that used to be resistance (red line that is almost horizontal). ETH/USD broke...

EtherCharts

Looks like ETH/USD chart is in a short term consolidation after the strong move up yesterday that is a breakout from its much longer term area of consolidation. What is consolidation? It is a pause in the action where buyer and seller are roughly equally matched. The last breakout moved over a trend line that had held ETH/USD under 400 after the initial...

EtherCharts

Forget about anything magical about 400. ETH/USD could easily test the low 380's without any technical damage being done. A bounce at 380 would lend solid credence to today's breakout. Look at the red line in the chart and this should serve as support if we fall through the 400 level that SOME might perceive as an important level. My opinion? Nothing...

EtherCharts

ETH/USD has moved up strongly higher on 11/22 and 11/23. A traditional chart analysis based upon historical patterns reveals a triangle consolidation pattern that now appears to be breaking out. Using a log chart and measuring the depth of the consolidation pattern, ETH/USD now has a projected target in excess of 1000.00 USD. This is using a tried and true...

EtherCharts

A fairly significant rising channel has broken down and a consolidation pattern at the recent range established around 300 appears to have also set up a reversal. The size of this consolidation pattern alone points to the 250's and... there is a potential for rising trend line support there too. All that adds up to is... the upwards trend is not necessarily over.

EtherCharts

It is interesting to note that ETH/USD has been trading in a smaller channel inside a LARGER channel for most of the past 4 days. In all candor, when it blew NORTH of the rising channel earlier this week I thought it was a foregone conclusion that it had reached at least a short term top. That is still a possibility, but it has shown pretty decent resilience to...

EtherCharts

The inverted H&S is pointed out pretty clearly. As of 12:30 EDT it is still forming what MAY be a right shoulder after a dip took place the last time it tagged ~298'ish. That is approximately where the neck line is. Keep an eye on this. Despite having run up well over ascending resistance last night (24 hours ago), the chart has shown pretty decent resilience.

EtherCharts Updated 

Last night, ETH/USD flew over a well established rising trend line and I made the comment that such a move, while fun to watch, is usually NOT a good thing if you are a bull with anything other than an extremely short range outlook for your trade/investment. Why? Well, there's the cold and hard historical tendency that such 'overheated' moves tend to happen near...

EtherCharts

The larger oval in this chart shows an inverted head and shoulders pattern that I pointed out last week. That pattern broke out and, at that time, a target of ~300 was declared. This type of pattern has somewhere between a 75% and 80% success at reaching the implied target. Now, ETH/USD has blown through a rising channel resistance line in a fairly clear...

EtherCharts

In the long run, this is not a make or break thing, but the channel that ETH/USD has been in for the last two weeks is running into the resistance line. This is also a back test of the purple line in the middle of the channel (channel is green). This purple line is part of a rising wedge - a bearish pattern that typically has negative implications that are in...