A following on from yesterday we have a bear Break from the equilibrium below 6423, which has been a reasoalble solid support previously. The volume for the break is less than the previous two bear break so the momentum may be week. A potential bear play would be enter now (aggressive) or enter at retest of 6423 or 12 ema, with a tight stop loss at 6423 or 12...
Fairly quick flip with an aim to move the stop loss up if the trends continues. Bullish daily candle on a major support. RSI oversold on daily. Good RR ratio according to Mr Fibronacci. Similar though not as favourable on the 4hrly. As always I’m new so feel free to correct and critique in the comments.
Tightening equilibrium in weekly so we'll see whether we have a bullish or a bearish summer. On the daily, however, we have a couple of resistances to 11000 with is the next fib point. Scenario 1) inverted head and shoulders and retracement to 7600 for a chance to reverse. Scenario 2) we continue higher highs and higher lows in the daily.... then we may get to...
Higher high and higher lows. Favorable (maybe even a start of a inverted hammer?) candle forming. RSI reasonable. breaking through fib level. If today candle close above fib perhaps another higher high for a short/medium term gain.
As always, any criticism to this noob welcomed.
Purple line drawn on weekly chart. Dotted line less conviction.
Quick support lines and fib retracement levels. Support just under 500 and 460 and 400.... candles bearish. But RSI 30 and historically the bulls rallied on ETH when it went under 30. In addition some hints of descending wedge (didn't draw in as not the best trend lines) .
For a noob like me I...
8900 resistance broken and on uptrend. Next major resistance 9500 and top of the descending wedge at 9600. If I didn't get stopped out by my trailing stop at 8800 I would set my target at 9.4k (ish). I now wait for the above 9.6k breakout and re-analyse... as always please feel free to be critical as noob.
Purple trend line and horizontals drawn using weekly. If breaks above upper trend line confirms descend wedge and breaks below lower trend then it's a double top ........ long or short opportunities in a few days.....
My noob TA - second week learning. Feel free to correct or rip it apart!
A mixture of break out TA and good FA news. Good risk to reward ratio. Stop loss below all time low! Shout out to @CryptoRand at twitter for recommending trade. I then went and try do my own analysis as a noob. His risk to reward is about 300% mine only 30%
Thanks everyone for the community. Please be gentle and if you feel my novice attempts are published too frequently just let me know I'll publish less.
I make the support at 0.524 and potential entry point around 0.537?
Any advice, criticism and corrections welcome!
(so noob that I haven't figured how to reply when someone comments on my chart)