Parabolic alert! Is Ethereum about to go boom to $2700?
Hi everyone, my followers will know that i've been touting the idea of Eth being parabolic since the break of $1500 when I suggested that as BTC had already gone double its $20k high to $40k then I expected ETH to do the same and hit $3000 very soon.
Here is some further evidence..
In this post i've added the parabolic indicator. We can clearly see on the daily charts the curve of a classic parabolic move (see above). Providing the dots are not hit then the move is intact. In the chart we also can see that Eth has been grinding along at the top edge of the blue channel for quite a few days now solidly staying above the control line (middle dotted line in that channel), indicating that bulls are still in charge. We have also been putting in higher lows and higher highs. Due to the nature of us pushing slowly at the top of the blue channel repeatedly I expect there to be a good chance price will make a powerful break through it into the new red parallel channel that was formed when Tesla announced their purchase of Bitcoin.
This move will represent the last stage of this parabolic move which will also be the most powerful, going almost vertical and taking us up to $2700, where I expect we will grind up to the $3000 target eventually before retracing.
So for me the time to add is now with these series of higher lows before we go into the red channel, with a series of trailing stops at these lows, which is what I have been doing.
If this parabolic move breaks down, the red dots on the indicator will be hit, we will remain in the blue channel next week and my trailing stops will be hit. I'll be happily in profit and we might then expect a retracement to support at around $1500, but lets play the odds for now and expect a break into the red channel and add ;)
If you would like to follow my trade as I update it hit the follow tag below the chart above. Hope you all get richer.
Here is some further evidence..
In this post i've added the parabolic indicator. We can clearly see on the daily charts the curve of a classic parabolic move (see above). Providing the dots are not hit then the move is intact. In the chart we also can see that Eth has been grinding along at the top edge of the blue channel for quite a few days now solidly staying above the control line (middle dotted line in that channel), indicating that bulls are still in charge. We have also been putting in higher lows and higher highs. Due to the nature of us pushing slowly at the top of the blue channel repeatedly I expect there to be a good chance price will make a powerful break through it into the new red parallel channel that was formed when Tesla announced their purchase of Bitcoin.
This move will represent the last stage of this parabolic move which will also be the most powerful, going almost vertical and taking us up to $2700, where I expect we will grind up to the $3000 target eventually before retracing.
So for me the time to add is now with these series of higher lows before we go into the red channel, with a series of trailing stops at these lows, which is what I have been doing.
If this parabolic move breaks down, the red dots on the indicator will be hit, we will remain in the blue channel next week and my trailing stops will be hit. I'll be happily in profit and we might then expect a retracement to support at around $1500, but lets play the odds for now and expect a break into the red channel and add ;)
If you would like to follow my trade as I update it hit the follow tag below the chart above. Hope you all get richer.
Trade active:
Today we saw a big sell from traders that have been watching the rising wedge reversal pattern, which was likely triggered by Musk's dogecoin tweet asking big holders to sell.
Some of my trailing stops at higher levels were hit, which has now invalidated the potential red higher channel that we could of moved into. The Parabolic dots on the daily timeframe were also hit (weekly ones were not). However the wedge break looks a fakeout with prices being bought at the control line again. We could still go higher here but at the moment there is no clear TA that would indicate where we might go other than perhaps some fib extensions, so we are a little bit in the dark.
I'm watching here to see if the 15 min moving averages can golden cross again before looking at adding more longs on pullbacks as we may put in a lower high on the hourly chart which would invalidate adding more longs. I still have longs with trailing stops as shown on the chart so at this stage i'm happy with my level of risk without adding more.
Lets see what happens next
Some of my trailing stops at higher levels were hit, which has now invalidated the potential red higher channel that we could of moved into. The Parabolic dots on the daily timeframe were also hit (weekly ones were not). However the wedge break looks a fakeout with prices being bought at the control line again. We could still go higher here but at the moment there is no clear TA that would indicate where we might go other than perhaps some fib extensions, so we are a little bit in the dark.
I'm watching here to see if the 15 min moving averages can golden cross again before looking at adding more longs on pullbacks as we may put in a lower high on the hourly chart which would invalidate adding more longs. I still have longs with trailing stops as shown on the chart so at this stage i'm happy with my level of risk without adding more.
Lets see what happens next
Comment:
Trade active:
I've now added longs again with a stop at the low of the fake breakout. Looks like this will be the catalyst for a nice move higher again
About me: I'm a retail day trader (trading since 1993). Most ideas here are for short time frames and become profitable quickly. I take profits fast as things change fast. 1-2-1 mentoring sessions available.
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Telegram coming soon.