Short term, as mentioned in my BTC' analysis, i think the market will go sideways this weekend, making an ABC correction. So maybe a bit lower, towards 161/162 and than up towards 169/173 and than one more drop in the 150/160 zone. Can't say i am very sure about this ABC , but it's my short term view for ETH now and don't have anything else that would make more sense. Maybe the wedge on the right is a plan B.
This played out pretty decent if i may say so myself :). It bounced up from the 156 quite well at first, but that past few hours the move up has slowed down again. Increasing the chances the move (correction) down has not been completed yet. I have drawn a new wedge on the right, which would be the perfect outcome for everything. Breaking the 160/155 of what looks like the neckline of an H&S, but while doing that fooling all the bears playing that H&S and then using their shorts as fuel to create a good push upwards.
For all the other important scenario's and levels, please read the previous analysis:
i stopped trading patterns like triangle, wedges ,H&S ....it gives too late entry with higher stoploss ..
i learned supply demand concept ...and now only trade tht
now i understood meaning of KISS (Keep It Simple Stupid)
botje11
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@Rohit_Shinde, in this analysis, what does this possible wedge offer? It’s the entry for the bigger picture.
Next to that, wedge has maybe a success rate of 80%. Only problem, from what I can see here on TV, most people don’t know what a real wedge is. They don’t knowC because they don’t take the effort to look back and compare, so research and out in the hours. I have learned by far the most
@botje11, my entry is at 158 for long which is strong demand zone....which geometric pattern gives me sharp bottom entry like this
perfect entry with perfect timing is important than being right !!!!
Protoneus
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Thank you botje for this update :)
luissjp
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@botje11 looks we went to 173 first as you were mentioning
luissjp
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@botje11 what do you think of a posible golden cross for eth.It will match your upwards movement idea
GlenGoodman
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I like the wedge analysis. Really good stuff. But the head & shoulders is valid, I believe, meaning this could truly go either way.
Though I agree with you that the bias should be to the upside on this one. Here's my take on it:
TradeIndicators
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Looking at the same resistance as you are and also encourage people to go to the daily and look at the stochastic as it's oversold and is due for a move up which could correlate to a 4hr support bounce with the 1D momentum of the stochastic. We're still short right now and are holding on. Thanks for the great analysis as always man! Will always be a follower :)
i learned supply demand concept ...and now only trade tht
now i understood meaning of KISS (Keep It Simple Stupid)