New thread for me to watch Ethereum. Previous view was boring. Better art style.
Comment:
This is either another confirmation or an ascending triangle is being formed to eventually break up. Pick your side. I wouldn't trade it until it breaks up even if i was bullish about the market.
Comment:
Does it give me the feeling of another up thrust? Honestly yes. But after such a massive rally, you see a distribution-like structure. Your bias should be clearly bearish.
Comment:
If it does make another up thrust, this broadening wedge should get your attention. That can be really nasty.
Comment:
What I am essentially showing here is that you don't have big bullish structures. You have the opposite. You have a broken parabolic trend. You have a distribution-like range. You have a broadening wedge.
Comment:
Or this is probably a better interpretation of the wedge. Distribution has many shapes. Not always horizontal.
Comment:
Comment:
If you start to see lower highs here, probably GG.
Comment:
This for me is one of the biggest mystery charts in crypto.
Which way is it gonna break out?
Which way is it gonna break out?
Comment:
630 day range as of now. Really really important.
Comment:
Yeah held the support. No interesting bullish pattern to support a breakout though.
Comment:
This red line is the current value of 200w EMA. Interesting but too early to talk. And I'm not sure how important it is because ETH is not that old.
Comment:
Update. Came down to the range with significant pressure. We'll see. Bitcoin's range makes more sense.
Comment:
If something is gonna hold ETH I think this is a good candidate.
Comment:
1450. I mean not great but it's definitely something.
Comment:
This is another top structure. Everything says top top top for crypto.
Comment:
But always be skeptical. The size of my short would be enormous if this happens.
Comment:
Big support for ETH/BTC. It might bounce big here.
Comment:
If I had to choose a long between ETH and BTC right now for short-term, it's 100% ETH. As long as it holds this support. But I choose to be short on both for a bigger timeframe. So not my problem :D
Comment:
Not good.
Comment:
Dangerous pressure on ETH/BTC too.
Comment:
I love how beautifully these channels work.
Comment:
Nice. It wants go. And it will if it can break the horizontal.
Comment:
But look at the daily. Dangerous.
Comment:
This is freaking beautiful.
Comment:
Turns out it was exhausted. Support channel is lost. $1500 first. Then probably fibonacci 0.5 $1400.
Comment:
It's a bit weird though. The top is huge. That suggests confidence for bears. But the resistance around $1670 makes me uncomfortable as a bear. I feel like it must be destroyed on the daily chart then the real dump should start. But we will see. The market is clearly bearish atm.
Comment:
This is what I meant. Possible.
Comment:
ETH/BTC is not good atm. I see easy -5%.
Comment:
And breakdown to the range low seems more likely after that.
Comment:
Pfff do something...