Will ETH ever break out??
Ethereum has been the slow snail of the bunch.
As LTC, BTC, and DASH put in huge moves over the last few weeks, Ethereum sat on its hands and refused to make a run for the sky.
The good news is that Ethereum broke out of its base against the USD, holding that 400 $ number.
But as we can see here, it has been a complete and utter underperformer against Bitcoin.
So is Ethereum dead in the water?
Well, I think this chart of Ethereum priced in Bitcoin gives us the answer.
Right now ETH is testing that bottom trend line support which takes us all the way back to 2016. Overall, Ethereum seems to be in a very clearly
defined upward sloping trending channel.
If we can hold this lower trend line support, then we should see a bounce in ETHBTC, and also finally get that break out and run we've been waiting for
in ETH priced in USD.
This ETHBTC chart gives us a clue that the breakout could be around the corner.
THAT SAID, if ETH ends up breaking down below this lower trend line channel support, then that would be a very bad sign and we would probably also see Bitcoin priced in dollars fail it's breakout and fall below 400.
Keep an eye out for this one.
-------
Please message me with your questions or thoughts.
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, support and resistance.
Successful trading means proper risk sizing and trading small so you can stay in the game.
As LTC, BTC, and DASH put in huge moves over the last few weeks, Ethereum sat on its hands and refused to make a run for the sky.
The good news is that Ethereum broke out of its base against the USD, holding that 400 $ number.
But as we can see here, it has been a complete and utter underperformer against Bitcoin.
So is Ethereum dead in the water?
Well, I think this chart of Ethereum priced in Bitcoin gives us the answer.
Right now ETH is testing that bottom trend line support which takes us all the way back to 2016. Overall, Ethereum seems to be in a very clearly
defined upward sloping trending channel.
If we can hold this lower trend line support, then we should see a bounce in ETHBTC, and also finally get that break out and run we've been waiting for
in ETH priced in USD.
This ETHBTC chart gives us a clue that the breakout could be around the corner.
THAT SAID, if ETH ends up breaking down below this lower trend line channel support, then that would be a very bad sign and we would probably also see Bitcoin priced in dollars fail it's breakout and fall below 400.
Keep an eye out for this one.
-------
Please message me with your questions or thoughts.
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, support and resistance.
Successful trading means proper risk sizing and trading small so you can stay in the game.
Support me with these referral links:
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Support me with these referral links:
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.