ETH Passing first bull test
Atualizado
Hello , short update on ETH,
we managed to pass the ichimoku resistance cloud on the 4H timeframe, but we currently printing a rising wedge, therefore I expect a drop to a support zone at the pivot of it. Bullish signs are here but we should still be cautious. I made a fractal projection on how i belive it will look.
Have a nice day
we managed to pass the ichimoku resistance cloud on the 4H timeframe, but we currently printing a rising wedge, therefore I expect a drop to a support zone at the pivot of it. Bullish signs are here but we should still be cautious. I made a fractal projection on how i belive it will look.
Have a nice day
Nota
If we break out of the wedge i expect sideway movement across the horizontal support before next breakNota
It's following the fractal at a accelerated rate (fell out of the wedge earlier than antacipated). For now, we are still above the cloud and with a lot of buffer until we reach the support, which is key. If ETH doesn't pass the next test (which is sustaining above the support), we have a false breakout. So the next objective must be to test the support and then make a move toward 700 level.Nota
Sustain / breakout = buy signal , prepare for lift off, break below support = expect more bearish momentum for a longer whileNota
This is the second test ;-)Nota
Nota
Might go ever so slightly below the support i marked out on the first chart before we see any upside progressNota
Solid bounce from the support, it's following the fractal perfectly, My ideal entry was 550-560 but i might have to give up on that idea. When ETH shows that it can hold 600 or pass above 611 i will enter long.Nota
Update with the 4h chart. From my perspective ETH will re test the support again, I don't expect us to have the bounce as the fractal i used, simply because we have to large of a consolidation pattern which has taken the form of a continuation pattern.If we follow the trend, it's all down, so i expect us to move down now, but this area is really interesting point for possible entry. I will reevaluate this when we make our next move. Have a nice weekend.
Nota
Dropped right to my arrow just as i posted the update :)Nota
Trade ativo
Lets see where this goes,Volume low but we stopped the downward momentum for now. On the 1h it looks like a rising wedge/bear flag is printing. (Not enough volume).
Conclusion: range bound sideway movement until big buyers steps in, but when and where?
Personal opinion we have upside but limited for now. But for now price movement should be favoring bulls until we hit resistance. New analysis later. Cheers
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