I won't say much in this bit of text. It's all explained on the video why I think a bullish pump north is more probable than a bearish bust south. The markets are there to prove me wrong. But I have to evaluate what I see.
In our last newsletter we called a bottom in BTC price and an end to the bear market.
We believe that we are now entering a consolidation period with sideways price movement.
We identified short term cycles around the 15 days MA, of approximately 25 days periods of uptrend and downtrend.
Our chart shows that the recent uptrend has ended and we are now heading...
I present an alternative and perhaps unpopular perspective on ETHUSD. I'm saying that there is a risk that price on 2H and 4H time frames could spike down into the Daily trend before recovering.
The markets are there to make us feel stupid. If for example, the price rocks north now, everybody would say I am wrong. But I'm not here to be right about one position....
Ethereum had a pretty significant pump down. It's now a serious bear-bull fight as punters queue up for positions. Overall on higher time frame the trend is for the north. On lower time frames price is trending for the south. Many exited on what appeared to be a double top on the Daily. So the recent fall may have been just about fear.
And welcome to my chart.
We can clearly see a major resistance rejection at 168$ levels, please see arrows in blue.
We can also see a massive falling wedge breaking out which is a technical buy signal. Personally i believe its a fakeout due to the all the Constantinoplis fork hype and the bear market is still in progress. My insides telling me we...
$50 points head and shoulders potential setup.
Only posting as Trading View keeps not saving my charts.
As usual only enter on high volume break of the neckline
Unfortunately I was out so did not publish this in time.
STOP - 129.97
Target - 122.01 (Sold 30% of my position there, fully closed at the 117 support level)
ETH has been great to short recently. The target was 122 but it hit the 117 support, which was my real target for over performance. Interesting to see what happens next, only a matter of time before we go...
Entry - 143.44
STOP - 135.97
Full Target - 186.86
My entry was 147.12. So far it has reached the 2nd interim. Currently I am sceptical of the pattern reaching full target as it forms a rising wedge. We shall see what happens next.