Ethereum Update (2019/01/30) 15:10 pm (UTC+1) - TECHNICAL ANALYSIS - Educational

altumanimo (47)in #cryptocurrency • 6 years ago

Ethereum with a textbook Fibinacci retracement. Full retrace will leave us at $83.

Fib 0.236 ($147) touched with a small bounce. Next support was found on 0.5 ($126), which held for 3 days. Followed by drop to 0.618 ($116), where it held for 9 days. Currently found weaker support on 0.786 ($103), but we saw a nice bounce today.

2019-01-29: The dotted white line is the major trend line going back to the beginning on 2018.

2019-01-29: Bolliner bands expanded quite widely on the 4H, leaving much room for upwards momentum.

Sometimes the signs are so clear, for instance this breakdown could have been seen with the formation of a gravestone doji, as well as the price testing the major downwards trend line, which failed.

Gravestone Doji

2019-01-30: Ethereum pushed through the median Bollinger Band as well as the major trend line on the 4H...

2019-01-30: Ethereum on the daily trying to push through the major trend line as well...RSI still has room to go and opening the next daily candle above the median Bollinger Band and trend line would be ideal for further upwards continuation.

Overall, the day in the market has been good, but the bear market has not ended yet and it would be wise to expect anything. Ethereum retesting sub $90 levels are still on the table, but for now, things are looking up short term. Ethereum is now hovering around at $110 and the daily close in a couple of hours will provide more guidance on price action, but hopefully Ethereum has enough momentum to close above the major down trend line and for this to happen, Bitcoin also needs to behave.

Tomorrow also marks the same length of time as the 2013-2015 bear market, but only 2% off from the same depth.

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