Sup gents and gals, was up last night watching ETH
ETHUSD
,in our very near term looks like we have another symmetrical triangle (minimum four reversal points, and diminishing volume) forming in red which usually tells us that the current intermediate trend is going to continue, which is DOWN. How far down? Anything can happen but from what we have experienced so far we may bounce from 360's range like we have been doing the last few bounces, and if that happens we may see a longer continuation within a range, if 360's is broken expect the next stop to be 320 to 300.
So far the triangle is starting to narrow and the volume starting to slow down which tells us that we are nearing the completion of the triangle at the apex, and we can expect a break down or a breakup of the channel. Remember that a BREAK DOWN is more likely to happen than up since we are still within an intermediate down trend. Also, a breakdown doesn't need to have nearly as much volume to go down as it does to go up in order to break the channel. Additionally, if we see a continuation past the apex then we can consider the triangle is less valid.
Apparently ETH is still trying to find bottom, although from my prior EW analysis I predicted we are on wave C, we still haven't really hit the low 300's so definitely take care to wait until we are actually in a confirmed uptrend before deciding to go long since there is no telling how low we can really go despite all of the TA. Currently shorting in the current market can be much more lucrative than going long when in a major downtrend unless you try and trade long and short within the range on consolidation periods, but thats just me speaking as a day/swing trader. Those who are investors should obviously wait until we hit the bottom, and have a confirmed reversal before doing anything.
Again, any questions, comments, concerns, or short speeches, please comment!! AND LIKE ME!!! Doooo it! :D :D
ETHUSD
,in our very near term looks like we have another symmetrical triangle (minimum four reversal points, and diminishing volume) forming in red which usually tells us that the current intermediate trend is going to continue, which is DOWN. How far down? Anything can happen but from what we have experienced so far we may bounce from 360's range like we have been doing the last few bounces, and if that happens we may see a longer continuation within a range, if 360's is broken expect the next stop to be 320 to 300. So far the triangle is starting to narrow and the volume starting to slow down which tells us that we are nearing the completion of the triangle at the apex, and we can expect a break down or a breakup of the channel. Remember that a BREAK DOWN is more likely to happen than up since we are still within an intermediate down trend. Also, a breakdown doesn't need to have nearly as much volume to go down as it does to go up in order to break the channel. Additionally, if we see a continuation past the apex then we can consider the triangle is less valid.
Apparently ETH is still trying to find bottom, although from my prior EW analysis I predicted we are on wave C, we still haven't really hit the low 300's so definitely take care to wait until we are actually in a confirmed uptrend before deciding to go long since there is no telling how low we can really go despite all of the TA. Currently shorting in the current market can be much more lucrative than going long when in a major downtrend unless you try and trade long and short within the range on consolidation periods, but thats just me speaking as a day/swing trader. Those who are investors should obviously wait until we hit the bottom, and have a confirmed reversal before doing anything.
Again, any questions, comments, concerns, or short speeches, please comment!! AND LIKE ME!!! Doooo it! :D :D
