StaniecLukasz

StaniecLukasz

Very nice call by @Steffro with the Head and Shoulders pattern. Looking at the 4 Hour Bar chart, the dotted blue lines represent both the neckline as well as the top of the Head and the top of the Right Shoulder. If ETH breaks the neckline, we look for a short in the distance of the height of the Head from the Neckline, which falls to about 490'ish. Where ETH...

StaniecLukasz Updated 

We are in a very interesting position. Looking at the 4 hr bar, we see that ETH challenged not only the descending trendline but also the top and bottom of the cloud, breaking it in fashion and ripping higher with very strong momentum. It is clear that we are now in an uptrend but can it continue? Recently, over the past several 4 hr bars, a symmetrical triangle...

StaniecLukasz Updated 

Playing around with other tickers to get a longer view, I panned back to ETHUSD and by accident saw something interesting. On the weekly chart, $380 was the resistance on a rising wedge months ago, so coming back down this in turn makes it strong support. While serving as such, on the 4 hr chart over the past couple of days we've bounced around the $380 and moved...

StaniecLukasz

Wow the past couple of days have been of no contest, as if the Bulls went on vacation. Looking at the 4 Hr bar on ETHUSD, it's been sell off pause, sell off pause, etc. More importantly ETHUSD has broken the Long Term Ascending Trendline. Where can we go from here? In the very short term, we are experiencing a well needed bounce from severely oversold conditions...

StaniecLukasz Updated 

ETH has bounced hard off of the recent $450 lows. Looking at the 4hr bar, a very skeptical bull flag formed whereas it had all the characteristics of a bull trap. Indeed that flag hasn't panned out as it tested the $565 level or previous major low and failed to hold it. ETH has nudged into the cloud and has been just hanging around the lower band. Momentum has...

StaniecLukasz

At this juncture, it currently doesn't matter whether you're looking at the 4hr or the Daily. ETHUSD has quickly converged toward 2 fighting fronts. If ETHUSD breaks the long term descending trendline just below the $450, the next big support would be around $300. Also to note that ETHUSD would take also take out a support level while breaking though the...

StaniecLukasz

Looking at the Daily bar, we see that a very nicely shaped double top has formed on the recent retracement off of a nasty sell off leg. The 9500 area served as a major support/resistance line. BTC then penetrated the base at the 9500 to then try to break this now resistance to the upside which failed. I believe this was a pivotal fail because this happened on...

StaniecLukasz

Wow did ETH break down after oscillating in a tight range for several days. I wasn't exactly sure if that was a wedge that failed and tried to rally that ended doing a pump fake. This happened before on the 4 Hr bar in late January with a similar set up. ETH has failed the past 4 4hr bars to breach the $740 retracement level on this past leg down. ETH is selling...

StaniecLukasz

Using the 4hr bar, it looks as if ETH is approaching a cross road of both its ascending and descending trend lines. Momentum is building but weakly as ETH is trending neutrally in the cloud, adding that volume has increased, so it is clear that a movement is cooking. ETH has also failed the past 2 attempts at breaching the $890 retracement level, showing the...

StaniecLukasz

A possible Head and Shoulders pattern is near completion on the 4 hr bar. If $ETH closes around the $910 mark, not only would this pierce the top of the cloud on the 4hr bar but it would also close below the cloud on the Daily bar causing more downside selling as $ETH continues to lose momentum. There is a monster support at the $880'ish level as this is the...

StaniecLukasz

Wow did we see a blowout to the downside the past 24 hours on the 5 min, 1hr, 4 hr bars after testing 61% retracement from the lows. If we fail to hold the $917 ish on the daily bar, we are breaking the bottom support of the cloud and risk a cascade downward. However, there is massive support at the $880 ish level prior to that. Breaking that could provoke more...

StaniecLukasz Updated 

Rising wedge breaking out on 4 hr bar, resistance at 890 plus possibly testing the cloud to break trend to bullish.