EthereumUpdated ETH 4Hr Trend Channels Where have I been?
It looks like a squeeze play hit ETH to drive it south but was met with some buyers. This is good demonstrate support. I have not made a chart on ETH for a while because there has been no defined trend. We have been consolidating between R1 and S1 as seen on the chart. Now we are trading the lower channel below the "Perceived" dotted Primary trendline. The chart looks Bearish and everything seems to point to lower prices action with lots of volatility. Let's take a look. I will accumulate more if we break below S1 (116.xx) price level. I am not buying above this level, because, the build-up to the moratorium on Constantinople leaves an open opportunity to drive the price lower and create crazy volatility, so we must prepare for what might be coming!
Outlook: Neutral -- ETH is still consolidating and could run askew of BTC because of the Constantinople Hype. If the Primary dotted trendline holds as resistance we can consider ETH to be in a short-term Bear price action. A move to R1 or the upper orange trendline could prove a nice short opportunity. I only trade for %20 returns and rarely short anything of these crazy-cryptos.
I am not Bullish on ETH and have defined points of entry. The price Labels provide significant price levels for your consideration. I have been having some difficulty reading the last week's price action on all top cryptos, so rather than just throw something out for the sake of views, I will just wait to see if there is anything to look for. it's all just a trading diary for me anyway that I have the opportunity to share with you all. If you think my charts help your DD, give me a thumbs up, leave a comment or show me your chart.
Good luck,
Biff
Don't forget to follow me on Twitter for my real-time analysis and to know what Biff is up too. I live such an exciting life high up in the Sierra Mountains of California, right on a lake.
Outlook: Neutral -- ETH is still consolidating and could run askew of BTC because of the Constantinople Hype. If the Primary dotted trendline holds as resistance we can consider ETH to be in a short-term Bear price action. A move to R1 or the upper orange trendline could prove a nice short opportunity. I only trade for %20 returns and rarely short anything of these crazy-cryptos.
I am not Bullish on ETH and have defined points of entry. The price Labels provide significant price levels for your consideration. I have been having some difficulty reading the last week's price action on all top cryptos, so rather than just throw something out for the sake of views, I will just wait to see if there is anything to look for. it's all just a trading diary for me anyway that I have the opportunity to share with you all. If you think my charts help your DD, give me a thumbs up, leave a comment or show me your chart.
Good luck,
Biff
Don't forget to follow me on Twitter for my real-time analysis and to know what Biff is up too. I live such an exciting life high up in the Sierra Mountains of California, right on a lake.
Note
I am seeing something strange on this chart. This selloff looks like manipulation. It feels like "they" are taking advantage of the later date for Constantinople to drive the price lower so they can blow it up! I mean the chart is not sophisticated, so you have to appreciate it's simplicity, but if you look closely S1 is holding for now and I think "they" are gonna try and break thru S1. We'll see; set your alerts and maybe we can get this DOG on sale! BUT, it's still range trading until we break S1 or R1. Maybe a swing trade here for a chance we run towards R1? Just thinking out loud. Good luck!!Biff
Note
Price is deciding what to do near the Dotted Orange Trendline. We could see some volatility pick up on the trendline, or it can make a big move. The way things have been looking, we may just trade right thru it; nevertheless, I always look to these trendlines for the action!Best,
Biff
Note
We have made two attempts at breaching the Orange Dotted Trendline. I am curious if it holds we may move lower. So far it's acting as resistance.
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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.