Previous buy signals for Ethereum were quite successful (see links below). It all began here: Pay attention to how closely price followed these projected levels. Now my view is that this correction from ^ATH of $412 is likely to continue below $300. To resume the uptrend we need to break out of the pitchfork. Important price levels are drawn on the chart.
My previous idea called for the completion of Wave /5/ as part of the impulse wave, which started on May 27. Now this market is in the correction phase. This correction may carry price towards $2320 area. Use the break of this pitchfork to confirm the wave structure.
My previous bullish call (see the links) was successful: the price skyrocketed to new record levels. It is time to examine a short-term chart to determine whether there is more upside potential in this market. According to this wave count - there is. Wave /4/ structure looks corrective (even if it is not complete yet), and so the trend is set to continue higher.
According to my wave model, the market formed an interim top @2760 as the conclusion to wave . This means another strong wave up is due to come, which will set new all-time highs. The corrective wave may have been formed with peak @1850. Actually, we can't be sure at this point, as this correction segement may be more complex. A decisive daily close above 2320...
Since late May NEMBTC has been trading sideways. The main trend remains positive, but the short-term picture isn't that obvious: the Triangle pattern speaks of indecision among traders. It's not clear whether wave IV has been completed. In any case, I suggest employing the break-out strategy with triggers set @.7957 and .9499 levels (see chart).
The previous wave setup worked out well - the price did hit the $240 target. Still, the wave structure looks incomplete. There should be another wave up with a minimum target of $254. The next resistance level stands at $273.
Another push higher expected towards $240 after a pullback. All keys levels and efficient Buy Zones are drawn on chart.
Two bearish Head&Shoulders patterns are developing on this hourly chart. There are two trigger lines, whose penetration can bring about new sellers. All major levels are drawn on the chart. **Short-term trend is actually Neutral (error)
In my last post I anticipated the test of 1820-30 area to clarify short-term wave count. The price didn't reach 1820, putting a top @1815. As far as trading is concerned, I suggested going short on the brake of the pitchfork (you can see the label on this chart). This strategy worked well, as price slid from 1760 to 1682, where it found support @62% Fib. The chart...
Unfortunately, my last post was blocked due to ads rules. It called for more upside above 1800 based on impulsive nature of the advance from 1601 to 1747. At this moment the price is likely to test 1830 level, and this area may be very important because its test could determine whether the market makes new all-time high or not. The difficulty is that we can't be...
Wave analysis suggests that selling pressure may continue today and into the weekend. This wave count is bearish. We need more price swings to be completed to apply appropriate pitchforks, so stay tuned for updates. Most important levels are drawn on this intraday chart.
I accidentally posted today's short-term price update elsewhere (see chart below). The current wave count and levels are drawn on this chart. Keep track of the pitchfork, as it defines the trend. As long as the price stays within it, there is no clear sell signal. Previous chart:
The "Alternative wave count" from my previous update has become viable. The A-B-C structure of the last swing down suggests the price should make another high before attempting a deeper correction. At the same time, currect pullback may be more complex with prices moving down to $1640 area. Important price levels and suport/resistance zones are drawn on the chart.
My last update contained a short-term Triangle pattern setup with target area 1670-1689. The strategy I suggested was going long just above Wave D of Triangle with a stop-loss near Wave E bottom. Everything went quite smoothly with prices breaking to $1720-s highs. Now it's time to switch to a longer-term chart and assess the trend pattern. According to my wave...
Since the last update, the price has been consolidating within a Triangle pattern. Usually, Triangles are trend continuation patterns, which means new highs are quite possible. It is safer to wait for waves D and E to develop, and go long just above the Wave D top with a stop-loss below Wave E. Of course, an emerging Triangle can easily be transformed into a...
Volatility hell broke loose yesterday evening with prices making wild swings. The pitchfork setup from the previous update proved valid as it signaled an 80-bucks sell-off. Still, the main bullish trend remains intact as seen in this daily chart: The market is trending in Wave 3 -- usually the strongest wave in the cycle. My view is that the price could make a...
Strong upside momentum allows for new record highs every day. It's becoming more evident that the market is trending in the large Wave 3. The short-term chart (m15) shows a cluster of resistance @1563-1569. I would like to draw your attention to the Pitchfork: as long as the price stays within it, the micro trend is clearly bullish. The first sign of a pullback...
BTCUSD is trending upwards in a technically fine channel. 1478 level is a convergence of 2 separate Fibo extensions, and it proved valid yesterday. There is no bearish divergence, so higher prices are yet to come. That being said, it is safer to wait for a deeper pullback before re-entering the trend.