ETH on the 4hr Still a Buy?????
Updated
ETH on the 4hr
Structured price failure with some serious profit taking equals, a little pain! If you trade like me, buy a little here and a little there then you feel very little pain, if any.
So, what’s going ON? Biff, I thought you said…? Ahh, words that can rarely be used against me because I trade cautious and I preach dollar cost averaging into cryptos to everyone that has ever read my posts!
Always take some profits off the table even when everything looks and feels GREAT! Let the rest ride until you are almost always playing with the house’s money.
I am going to make this brief – we are still in a bullish trend cycle.
Technicals:
I drew a new Orange dotted trendline (4-data points confirmed) which we nailed on the sell-off.
There is a lower and an upper trend channel with prices above 167.xx are not being tolerated for now.
There is a High-Volume Node right on the $150-$152, dollar price level.
Buyers are stepping in seeing value under $150.
Look to the fib level and (HVN) of 127.xx for support.
Major support at POC $119.25
Notice we are gravitating to the closest HVN, $138 - $140 price level.
Outlook:
Short-term is bullish because the primary trendline held. This could be a dead cat bounce. I do not recommend buying with all the rest of the people but waiting until this 4-hour candle finishes its price cycle.
What’s Biff doing?
Biff has added to his position under $140 and will continue to add if price fails and we go lower, a little here and a little there. We are not trying to get rich in one crypto, although it would be nice. Those days are behind us for now. We need to play smart, be patient and DOLLAR COST AVERAGE into our crypto trades. If you follow me, you can read that volume profile and see what others can’t see. If you want to trade like Biff, hit that follow, throw a thumbs up to give me some street cred and follow me on Twitter for more fun in the crypto sun!
Structured price failure with some serious profit taking equals, a little pain! If you trade like me, buy a little here and a little there then you feel very little pain, if any.
So, what’s going ON? Biff, I thought you said…? Ahh, words that can rarely be used against me because I trade cautious and I preach dollar cost averaging into cryptos to everyone that has ever read my posts!
Always take some profits off the table even when everything looks and feels GREAT! Let the rest ride until you are almost always playing with the house’s money.
I am going to make this brief – we are still in a bullish trend cycle.
Technicals:
I drew a new Orange dotted trendline (4-data points confirmed) which we nailed on the sell-off.
There is a lower and an upper trend channel with prices above 167.xx are not being tolerated for now.
There is a High-Volume Node right on the $150-$152, dollar price level.
Buyers are stepping in seeing value under $150.
Look to the fib level and (HVN) of 127.xx for support.
Major support at POC $119.25
Notice we are gravitating to the closest HVN, $138 - $140 price level.
Outlook:
Short-term is bullish because the primary trendline held. This could be a dead cat bounce. I do not recommend buying with all the rest of the people but waiting until this 4-hour candle finishes its price cycle.
What’s Biff doing?
Biff has added to his position under $140 and will continue to add if price fails and we go lower, a little here and a little there. We are not trying to get rich in one crypto, although it would be nice. Those days are behind us for now. We need to play smart, be patient and DOLLAR COST AVERAGE into our crypto trades. If you follow me, you can read that volume profile and see what others can’t see. If you want to trade like Biff, hit that follow, throw a thumbs up to give me some street cred and follow me on Twitter for more fun in the crypto sun!
Note
Double top $145.00 on the 4 hr -- we got to get past this or we test the primary trendline again.Note
As I type this we are moving in the opposite direction to BTC. Something is askew. We cannot break $145.00. Be mindful of your entry points. Dollar cost average into all tokens if you desire to enter. There is too much uncertainty for me to continue small buys. Best,
Biff
Note
"Caught between two Fib price Levels"The Primary Trendline is Breached. You can see on the 4hr that the last 24 hours of price data shows we have been probing lower prices. Because the Primary trend is broken a failure to hold at the .50 Fib level could collapse price to the lower high-Value Node, $122.00 - $124.00. The chart is clearly showing resistance at the previously stated .382 Fib price level ($142.40). Because we are trading well below the POC some advantage goes to the long positions to drive the price closer to $150.00, but a broken trend line always changes the analysis. If you’re dollar costed in at around $120.00 like yours truly, sit back and watch the show. If you haven’t decided to get in, I would wait until this candles price action played out. There can be lots of volatility around the Dotted Trendline where the price can collapse and then goes bullish.
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