I'm glad to have you as a reader and watcher of my idea, and happy to see you're looking for successul trades in the cryptocurrency market in the right place.
After experiencing a very profitable week, with our long Bitcoin idea from under $9900 region and up to $11000 (until now), we decided to share a free trade for Ethereum too!
As you're used to with all my...
There was panic around high noon UK time, as news broke that the IRS will be sending warning letters to American cyrpto traders. This caused a dump on BTC and shockwaves were felt throughout most of the cryptosphere.
But hold on - the IRS does not rules the world! This dump could well make BTC and other major cryptos very attractive to international investors...
But the ascent track is not. Similar to the bitcoin movement, two fractals can be identified here. Currently, the second fractal is under construction. The analysis shows that each of its correction parameters follows. Therefore, we can assume that the rising wave structure will be similar to the previous fractal. Now I'm trading this.
Prices have fallen below the 230 level support level,
The fall is likely to continue in the short term.
Near the support level consider going long again.
Feel free to contact me if you have any questions!
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------------------------- 2019.07.15 uk
ETH is currently pulling back into support which coincides with the 50 MA. The 50 MA has been acting brilliantly as support.
As further confluence we have a 61.8% fib retracement within this zone and good support. This is looking like a great entry for trend continuation.
The ETH 4H is forming a rising wedge with bearish volume divergence which is confirmed by a bearish TK cross. In order for this rising wedge pattern to remain valid price should remain under the 50% Fib retracement. At the time of writing, the price is sitting bang on the 50% level.
One must also bear in mind that the $BTC chart is in a somewhat more bullish...
250.00 is a major support, while this level is not broken, the Midterm wave will be uptrend.
The RSI downtrend #1 is broken, so the probability of continuation of uptrend is increased.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is...