Is the future of ETHUSD and other cryptocurrencies is bright or not?
I decided to make that chart analysis to clarify the situation and draw an approximation of the different paths we would follow for the end of May and during June. In that chart you could find all resistances, support and pivot zone that I calculated according to two assumptions:
1) We follow the green path in which we are now, forming a cup&handle.
2) We follow the red path that brings the market to retest the pivot of 2018.
Calculation formulas:
We still are in a bullish market as we can see on the RSI. If we break the 40, we would enter in a bear market and follow the red path to retest our annual pivot at $536. That solution is possible as we have a great bearish divergence.
However, all cases are possible, we could see a new rally from our $657 support 1 of this week. The weekly pivot around $700 could be retested soon. On the other chart analysis that I've done, we can see that we have a symmetrical triangle with an ABCDE correction that followed the previous impulse wave.
At that time, we didn't really break the triangle, we should wait the end of the day !
I wanted to make that educational chart to practise some tools and share with you my point of view about the future of the market. If you don't use Pivot Standard Points tool, you should do because it's one of the mostly used tool by traders. And that could change your Moon or hell mindset in a more analytic one.
Thanks for reading, if you think it's an interesting analysis, push the agree button! Comment whatever you want to share something about that topic and follow me if you want to see more about my analyses.
Have a nice week!
I decided to make that chart analysis to clarify the situation and draw an approximation of the different paths we would follow for the end of May and during June. In that chart you could find all resistances, support and pivot zone that I calculated according to two assumptions:
1) We follow the green path in which we are now, forming a cup&handle.
- Higher point May = 835
- Close point May = 800
- Lower point May = 627
2) We follow the red path that brings the market to retest the pivot of 2018.
- Higher point May = 835
- Close point May = 580
- Lower point May = 627
Calculation formulas:
- Pivot = (H + B + C) / 3
- S1 = (2 x Pivot) - H
- S2 = Pivot - (H - B)
- R1 = (2 x Pivot) - B
- R2 = Pivot + (H - B)
We still are in a bullish market as we can see on the RSI. If we break the 40, we would enter in a bear market and follow the red path to retest our annual pivot at $536. That solution is possible as we have a great bearish divergence.
However, all cases are possible, we could see a new rally from our $657 support 1 of this week. The weekly pivot around $700 could be retested soon. On the other chart analysis that I've done, we can see that we have a symmetrical triangle with an ABCDE correction that followed the previous impulse wave.
At that time, we didn't really break the triangle, we should wait the end of the day !
I wanted to make that educational chart to practise some tools and share with you my point of view about the future of the market. If you don't use Pivot Standard Points tool, you should do because it's one of the mostly used tool by traders. And that could change your Moon or hell mindset in a more analytic one.
Thanks for reading, if you think it's an interesting analysis, push the agree button! Comment whatever you want to share something about that topic and follow me if you want to see more about my analyses.
Have a nice week!
