Ethereum - A Good Place to go Long?

in #bitcoin6 years ago

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Ethereum actually looks a little more bullish here than yesterday. We're still looking to form a new daily low after breaking down from yesterday's daily close. However we can see lots of buying interest in the market absorbing Ethereum's momentum here, indicated by the long tails on these candles. We also see an uptick in selling volume with nearly no momentum downwards. This actually looks like a good spot to enter a long position from.

Volume Profile lets us know that we're also consolidating along the Point of Control, and we've got a few pockets of low volume above us before we reach high volume nodes like $222, which also corresponds with out Ichimoku Cloud. This is the area I would be targeting on the daily time frame if I were to enter into Ethereum right now. That's about a ten percent move based off $200 ETH.

Sentiment Analysis:
Bitfinex: Longs are slowly rising while shorts stay relatively flat. This is generally a bullish sign, especially with the high selling volume on low momentum.


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This is fantastic, perhaps a little wordy and why you didn't get the reception the information deserved but I see a really bright future in this space for you. Keep up the great content.

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