ETHUSD - Bullish Butterfly + Bearish Three-Drives
Updated
If Bulls blast through the Daily SMA 200, this Bearish Three-Drives, and the Long Standing Descending Channel would dissolve from our charts as they would no longer be valid. If Point C on the Bullish Butterfly is also ignored, then ETH Bulls have had enough - the 100 and 200 SMA would be gained on the Daily.
The 100 SMA could very well cross the 200 SMA with price action above it. One thing is for certain, there will be some fireworks in the next few days.
If price action bounces off the 200 SMA and corrects back between Points A and B, it would keep ETH inside this Bullish Butterfly with an upside near $160, but again the 200 SMA would still need to be cracked. At that point, a cross of the 100 and 200 SMA would likely be in place and momentum could be shifted. With that in tow, I think the Bullish Butterfly goes out the Window and this thing goes stellar for a bit.
Bullish Three-Drive Pattern from 106 to 120's Spike.
Good Luck, Traders. May you find yourself on the profitable side of it.
The 100 SMA could very well cross the 200 SMA with price action above it. One thing is for certain, there will be some fireworks in the next few days.
If price action bounces off the 200 SMA and corrects back between Points A and B, it would keep ETH inside this Bullish Butterfly with an upside near $160, but again the 200 SMA would still need to be cracked. At that point, a cross of the 100 and 200 SMA would likely be in place and momentum could be shifted. With that in tow, I think the Bullish Butterfly goes out the Window and this thing goes stellar for a bit.
Bullish Three-Drive Pattern from 106 to 120's Spike.
Good Luck, Traders. May you find yourself on the profitable side of it.
Note
Apologies folks, that the SMA50 in Yellow and SMA 100 in Blue. Replace 100 with 50, and 200 with 100.
200 SMA is up around $200
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Bulls clinging to uptrend line. Another surge brewing?Trade active
Bullish Butterfly is still working on validation. Present price action has a cluster of SMA 20, 50, and 100 about to converge, or play a role.SMA 50 has been a significant sell signal, rejecting bullish advance on multiple occasions. With the SMA 20 sneaking up underneath at a comfortable $114, and with the Bulls running out of room, they may need to lean on the $114 support for additional momentum.
Today saw a small dip under a minor Bullish Trend Line and on one Exchange, Kraken - an attractiveness to buy dips (price action dipped as low as $115 and was quickly turned around). Bears are testing the Bulls Minor line, and things are heating up.
See Post on Minor Bullish Trend Line:
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Short play doesn't look too convincing. From the Daily outlook, EMA 12, and 26 with MA 20 on the Daily look to be cupping price action. Could be a quick scalp play but the real fireworks are still ahead. We are about to have a convergence of MA 50, 100, and EMA 12, 26.On Kraken Exchange, we saw a dip to $115 get very quickly reversed. I think Bulls are getting ready to bust this thing open. Still, a lot of resistance over head, but a good deal of support underneath.
Dips look attractive here.
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Bullish Butterfly still in play:Trade active
Bullish Butterfly still in play. Get your Shorts on.
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