Ethereum is nearing a decisive moment, giant triangle is closing
ETH is super boring lately. Price movements are "meh" and trade volume is dwindling.
With MACD almost flatlined, and Stoch RSI pretty much in the middle, depending on the news, things could take a dramatical turn almost instantly.
Lets define our boundaries first:
Great upwards channel: Started at 2016-12, made itself noticeable with the great trend reversal of 2017-06. Confirmed at 2017-12 just before the market crash. We are still inside this channel.
Great Broken Triangle: Revealed itself at the start of 2018. Broken at 2018-04 with the sudden "tight squeeze" of BTC. That trend reversal saved many miners from giving up on ETH.
Current Great Triangle: ETH is slowly rising inside this formation right now. This one is the last big triangle before the storm. It's got 2 months of life at most. After that, get prepared to survive through some serious action. It could very well be the apocalypse, or the great ETH bull run of 2018.
Current ETH news aren't really great. With many ICOs under inspection, and the platform itself is threatened with being labeled as a security, people are ready to sell and be done with it at a moments notice.
Expectations
Current great triangle won't live its 2 months of max life. Price will drop very soon. Most likely in the next 2 weeks or so.
ETH will visit 0.075 BTC and continue its downwards trend. It will bounce off 0.045 - 0.055 zone and continue through the great channel.
Continuation of current upwards movement is possible, however unlikely.
My strategy
ETH is very popular, who would'nt want a piece of it? But I am not willing to buy at current price. Not bidding on it unless it visits 0.05~ BTC.
In the event of breakout above 0.1 btc, I'll wait if it holds and enter around 0.12 to utilize swing trade strategies.
My final expectation is a mid therm price peak between 0.35 to 0.5 BTC. Lets say it is bound to happen at the start of last quarter. I wouldn't keep it beyond that point because a further breakout above 0.5 BTC doesn't sound plausible.
Safe trades.
With MACD almost flatlined, and Stoch RSI pretty much in the middle, depending on the news, things could take a dramatical turn almost instantly.
Lets define our boundaries first:
Great upwards channel: Started at 2016-12, made itself noticeable with the great trend reversal of 2017-06. Confirmed at 2017-12 just before the market crash. We are still inside this channel.
Great Broken Triangle: Revealed itself at the start of 2018. Broken at 2018-04 with the sudden "tight squeeze" of BTC. That trend reversal saved many miners from giving up on ETH.
Current Great Triangle: ETH is slowly rising inside this formation right now. This one is the last big triangle before the storm. It's got 2 months of life at most. After that, get prepared to survive through some serious action. It could very well be the apocalypse, or the great ETH bull run of 2018.
Current ETH news aren't really great. With many ICOs under inspection, and the platform itself is threatened with being labeled as a security, people are ready to sell and be done with it at a moments notice.
Expectations
Current great triangle won't live its 2 months of max life. Price will drop very soon. Most likely in the next 2 weeks or so.
ETH will visit 0.075 BTC and continue its downwards trend. It will bounce off 0.045 - 0.055 zone and continue through the great channel.
Continuation of current upwards movement is possible, however unlikely.
My strategy
ETH is very popular, who would'nt want a piece of it? But I am not willing to buy at current price. Not bidding on it unless it visits 0.05~ BTC.
In the event of breakout above 0.1 btc, I'll wait if it holds and enter around 0.12 to utilize swing trade strategies.
My final expectation is a mid therm price peak between 0.35 to 0.5 BTC. Lets say it is bound to happen at the start of last quarter. I wouldn't keep it beyond that point because a further breakout above 0.5 BTC doesn't sound plausible.
Safe trades.
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.