I'm super bullish on this one, but there are a few things to look out for.
Here we see 3 rejections at around the $1,450 resistance (Jan 19, Jan 24, Jan 29) we're hoping the bears get exhausted before the bulls, so that we don't drop back down to the 1,300 where Ethereum has found a strong support. 1360 isn't acting as strong as a support once broken as I had hoped, but hopefully that turns around for us once we break away from it again.
What I expect from the price movement in the short term
- Another test at $1,450 within the next 48hours. Assuming the pattern stays the same.
- Assuming it gets past $1,450 I anticipate a strong run into $1,530-$1,575 (~15-20% from its most recent dip)
- If this occurs, I will be watching the confirmation break out above this number at which point i will reanalyze, or for a rejection confirmation and sell at that point and repurchase at the dip around 1450 which should
become the new support
- February 6-10 will be some days to watch as we get close to that yuuuge support trend line (Thick blue line)
- If it breaks below this line i anticipate some major sell off, which will create some buy opportunities.
Please remember: Resistances/Supports are ranges not exact numbers or lines
If you see something wrong with my chart or have any constructive feedback please let me know.
Disclaimer: These are my own opinions and i am showing my own personal strategy. This is not financial advice. Only YOU are responsible for your own money. Do your own research
Here we see 3 rejections at around the $1,450 resistance (Jan 19, Jan 24, Jan 29) we're hoping the bears get exhausted before the bulls, so that we don't drop back down to the 1,300 where Ethereum has found a strong support. 1360 isn't acting as strong as a support once broken as I had hoped, but hopefully that turns around for us once we break away from it again.
What I expect from the price movement in the short term
- Another test at $1,450 within the next 48hours. Assuming the pattern stays the same.
- Assuming it gets past $1,450 I anticipate a strong run into $1,530-$1,575 (~15-20% from its most recent dip)
- If this occurs, I will be watching the confirmation break out above this number at which point i will reanalyze, or for a rejection confirmation and sell at that point and repurchase at the dip around 1450 which should
become the new support
- February 6-10 will be some days to watch as we get close to that yuuuge support trend line (Thick blue line)
- If it breaks below this line i anticipate some major sell off, which will create some buy opportunities.
Please remember: Resistances/Supports are ranges not exact numbers or lines
If you see something wrong with my chart or have any constructive feedback please let me know.
Disclaimer: These are my own opinions and i am showing my own personal strategy. This is not financial advice. Only YOU are responsible for your own money. Do your own research
the hope is that bears get tired before the bulls.
The coin will need some time to consolidate before going past that. My personal play was to sell a portion of my stake as close to 1500 as possible and buy the inevitable dips before getting past 1500, buying back in as it reaches certain support lines.