ETH took the $350's and is headed to $400 - Bullish V bottom of the weekly!
Eth Flippening? Maybe
ETHUSD
Weekly
When we analyze tickers, the weekly can be just as important and insightful as short term times frames and the weekly is showing us what is known as a V Bottom. It is an extremely bullish chart pattern. We look for consolidation just around the previous high before the real lift off. As this is a weekly pattern it could take some time to really show us some action. It is something I will continue to monitor.
daily
ETHUSD on the daily time frame has hugged that trendline for dear life chomping through supply as the bulls pushed it through resistance. I will be watching for the resistances at $400 and $420 to be cracked. On glance if the price can't break through someone may think, oh well double top, and this is why we look to the weekly chart as it could well end up being a double top or it could be a V Bottom - basement or moon.
4 hour
In the immediate term I expect to see some price consolidation and even a slight pullback where i will consider adding more. The RSI and Stochastic RSI are what make me cautious of a short term pullback. Cool thing to note highlighted by the black arrow is the last time the 170dma crossed above the 340dma was in and around february. Shorter period moving averages above longer is bullish. The last time led to some insane gains. Can we do it again? ;-)
TRADE: Watch for a pull back to buy in the $345 range off of the 30ema.
RISK TRADE: Enter here, set stop loss.
ALTERNATIVE: Scale a position here adding all the way down to $345 or the 30ema, reserve capital for last buy at $340, if fails to hold dump - investment scale tactic can be used in swing trading.
Previous Articles:
I.C.O. Are a security
Crypto Roundup
Trading Vs. Investing
Bitcoin
Weekly Overview
Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and I could give a fuck.
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I think ETH could get to 500$
Good TA, im following to get more.
Thanks for sharing the info.
Thank you! Im hoping to help people with learning as I go hahaha!
Eth has hit $500 Australian dollars before, and its very close to reaching that at this stage. I think its still incredibly undervalued. I don't think the switch to dpos has been factored into the price yet.
V bottoms are insanely bullish with a very high probability, we must continue to watch it develop....I think its TIME!!!
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Nice post