Greetings traders, I wish you all well, and a happy Valentines Day as you join me for this technical analysis!
Overall I'm still bullish as ever for Ether, and this prediction is good for the next couple days as Ether navigates its channel, however...
I see two high probability scenarios for Ether's movements:
Bullish:
- We're currently trading within an ascending wedge formation looking to come to a close around 4-7pm EST today.
- We're meeting resistance at 1880, our recent all time high, however if we see a break upwards from this wedge, I can confidently predict a 2000 TP, with a stop at 1925, and again at 1960
- Once we break towards 1925, I'd love to see a retest around 1900 before continuing up to secure that support we see currently in our wedge formation.
Bearish:
- If we see a break to the downside, we're still trading in a bullish parallel channel and you should place your buys around 1600, the bottom of our channel.
- Wait for confirmation once we reach the bottom, such as a double bottom, and you can sit tight knowing we'll rise once again to the top.
Good luck to you all! I wish you good fortune. See you next time
-Spence
Overall I'm still bullish as ever for Ether, and this prediction is good for the next couple days as Ether navigates its channel, however...
I see two high probability scenarios for Ether's movements:
Bullish:
- We're currently trading within an ascending wedge formation looking to come to a close around 4-7pm EST today.
- We're meeting resistance at 1880, our recent all time high, however if we see a break upwards from this wedge, I can confidently predict a 2000 TP, with a stop at 1925, and again at 1960
- Once we break towards 1925, I'd love to see a retest around 1900 before continuing up to secure that support we see currently in our wedge formation.
Bearish:
- If we see a break to the downside, we're still trading in a bullish parallel channel and you should place your buys around 1600, the bottom of our channel.
- Wait for confirmation once we reach the bottom, such as a double bottom, and you can sit tight knowing we'll rise once again to the top.
Good luck to you all! I wish you good fortune. See you next time
-Spence
Comment:
Update. It seems that with recent price action we may see another retest of the ATH. Keep an eye out