CBOE Announces Ethereum Futures Is Coming Soon...
Ethereum has been struggling to gain any momentum since the start of the year.
It had a 57% rally in April, but it has been all down hill ever since.
There are issues with scaling.
There are issues with mining.
There are issues with ICO's panicing.
However, today the CBOE announced that they will have a Futures market coming very soon for Ether.
There's a lot of controversy around the futures market and crypto as many of you know.
When the futures market was released for Bitcoin, the price has done nothing but go down from it's all time high at $20,000.
Let's do a break down of what to look for.
We can see that the fib levels are very respected on the monthly chart. It had a very strong bounce previously on the .786 and in April had wick to the .886 level.
When we look at the RSI, we can see that a swing low pattern is forming along with a symmetrical triangle.
I am expecting a break to the upside of the RSI as ETH hits the support level.
ENTRIES:
The Entry We are looking for is .038 - .039 with a stop below.
A second entry can be on the .886 level from .024 to .025.
Margin Longs are starting to climb again on Bitfinex, which could give us the catalyst for one more price drop to our entry zone.
If we see the .786 break and the long term diagonal trendline break, we may see a longter term bear trend.
I am working on a fractal I saw with Ethereum, but I'm not finished with my analysis yet.
Make sure you like this chart if it helped you and I'll be posting more analysis soon.
It had a 57% rally in April, but it has been all down hill ever since.
There are issues with scaling.
There are issues with mining.
There are issues with ICO's panicing.
However, today the CBOE announced that they will have a Futures market coming very soon for Ether.
There's a lot of controversy around the futures market and crypto as many of you know.
When the futures market was released for Bitcoin, the price has done nothing but go down from it's all time high at $20,000.
Let's do a break down of what to look for.
We can see that the fib levels are very respected on the monthly chart. It had a very strong bounce previously on the .786 and in April had wick to the .886 level.
When we look at the RSI, we can see that a swing low pattern is forming along with a symmetrical triangle.
I am expecting a break to the upside of the RSI as ETH hits the support level.
ENTRIES:
The Entry We are looking for is .038 - .039 with a stop below.
A second entry can be on the .886 level from .024 to .025.
Margin Longs are starting to climb again on Bitfinex, which could give us the catalyst for one more price drop to our entry zone.
If we see the .786 break and the long term diagonal trendline break, we may see a longter term bear trend.
I am working on a fractal I saw with Ethereum, but I'm not finished with my analysis yet.
Make sure you like this chart if it helped you and I'll be posting more analysis soon.
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