The DECISIVE point in ETH.
The decisive point for ETH is getting close! Maybe we will do another trade here, depending on what the price will do. Last time we bought ETH at U$ 175 (harami above 38.2% fib retracement and above purple trendline), and it reached its main target, the 61.8% fib retracement, the U$ 215. If you missed our previous trade, I'll put my entry analysis bellow, and follow me to keep in touch with our trades and my daily analysis.
Now, as I’ve been saying for a few days, ETH is sleeping, and maybe it will wake up in the next days, but for now there’s nothing for us to do. I’m very clear about my trading style with you, I’m a swing trader and I like to surf a whole trend. My trades usually last for days, and I don’t do daytrade. I always try to catch the big move instead of trying to make money from the noises of the market.
Now it’s time to wait for a sign, be it bullish or bearish. There’re reasons for the bulls to enter the game, as we can see in the chart the price seems to respect some supports, like the black line or the purple trendline. Let’s look the hourly chart now:
The price respected the “support zone” and did a successful double bottom. I said in my last analysis, day traders could’ve made a nice trade here, if you missed my last analysis, the link is bellow too.
The only thing that bugs me and make me think that a stronger pullback can come is the low volume from the last few days and the weekly chart. Let’s take a look here:
You see, if the bulls don’t react in next few days, the bears can make this fight much more difficult, and the price could easily drop to the U$ 160 again, so the next days will be decisive.
Now, as I’ve been saying for a few days, ETH is sleeping, and maybe it will wake up in the next days, but for now there’s nothing for us to do. I’m very clear about my trading style with you, I’m a swing trader and I like to surf a whole trend. My trades usually last for days, and I don’t do daytrade. I always try to catch the big move instead of trying to make money from the noises of the market.
Now it’s time to wait for a sign, be it bullish or bearish. There’re reasons for the bulls to enter the game, as we can see in the chart the price seems to respect some supports, like the black line or the purple trendline. Let’s look the hourly chart now:
The price respected the “support zone” and did a successful double bottom. I said in my last analysis, day traders could’ve made a nice trade here, if you missed my last analysis, the link is bellow too.
The only thing that bugs me and make me think that a stronger pullback can come is the low volume from the last few days and the weekly chart. Let’s take a look here:
You see, if the bulls don’t react in next few days, the bears can make this fight much more difficult, and the price could easily drop to the U$ 160 again, so the next days will be decisive.
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