EthereumUpdated ETH/USD - Levels To Buy
Ethereum has a very nice up leg up to the support/resistance transition zone that has been effecting price as a resistance since 2nd July 2018. Price has recently been making successive higher lows since price broke the zone mentioned as a long term support. Bouncing continuously at the horizontal resistance isn't really a good thing, however, since there are higher lows whilst hitting the horizontal resistance zone, this could mean we could once again break above the new resistance zone and begin using it as a support zone again. If this was to happen, this would be a huge pivot point for Ethereum, as being above the long term support means the probability of finding a long term uptrend again is significantly improved. If price stays below the support zone which is now resistance, this shows weakness... Let's just see if the higher lows means that price will break through the resistance and get back into the support boundary again supporting uptrend. Not only are there higher lows, but there was also a breakout of the long term side-wards resistance line which indicates a significant amount of bulls... This increases the probability that the higher lows breaking us to the upside is happening.
Price is nicely at the horizontal resistance right now. When price hit this level, there was a strong bearish engulfing signal indicating there will a correction to the downside before further up move. I see this as a very good thing because anything that moves up too fast always blows up out of proportion and corrects too steeply. A nice sustainable marketplace is a much better trading environment, and safer for traders as a whole who won't be randomly blindsided by volatility which will destroy noob traders in 1.73757336 seconds.
Ethereum will not likely continue the correction started by the bearish engulfing signal down to the side-wards support line of higher lows, which coincides with side-wards resistance turned new support at 440. When it hits here, I highly expect price to bounce upwards again, and attempt to break the horizontal support zone turned resistance once again. If price breaks below 440, this could be part of a longer downtrend as not being above the zone price just tested is not good territory for Ethereum at all.
Where do YOU think price is going? Leave a Chart and Comment below and let us all know your thoughts!
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Price is nicely at the horizontal resistance right now. When price hit this level, there was a strong bearish engulfing signal indicating there will a correction to the downside before further up move. I see this as a very good thing because anything that moves up too fast always blows up out of proportion and corrects too steeply. A nice sustainable marketplace is a much better trading environment, and safer for traders as a whole who won't be randomly blindsided by volatility which will destroy noob traders in 1.73757336 seconds.
Ethereum will not likely continue the correction started by the bearish engulfing signal down to the side-wards support line of higher lows, which coincides with side-wards resistance turned new support at 440. When it hits here, I highly expect price to bounce upwards again, and attempt to break the horizontal support zone turned resistance once again. If price breaks below 440, this could be part of a longer downtrend as not being above the zone price just tested is not good territory for Ethereum at all.
Where do YOU think price is going? Leave a Chart and Comment below and let us all know your thoughts!
Please leave a Like and Follow. I highly appreciate all your support :-)
Note
A huge counter trend move occurred due to Bitcoins huge move up just earlier. This is probably short term and a correction may well be intact, but let's watch this big move incase it does indeed move higher and break the side-wards resistance zone without a need to do a structural correction first.Please leave a LIKE and FOLLOW, I'd really appreciate it.
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Note
Price is now lingering right at the top horizontal resistance zone boundary. If price can break slightly higher then we can simply wait for a retest on the horizontal resistance zone as a new support zone before the buy opportunity arises.Price has acted very well on the higher lows, and for this reason I am confident a breakout about the resistance zone is highly possible from here.
Our breakout scenario is in play!
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Note
Ethereum appears to have shown official weakness at the highs, and looks like it is pining to come down to the support/resistance zone again and use it as a support before coming up again.At current levels I don't recommend buying to the upside, you must wait for a safe opportunity to enter the market. If you're unsure, don't trade, simple.
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Note
Bears are beginning to get the better of the bulls at my predicted correction level. It looks like bears will correct the market which is exactly what it needs for the time being. Without a correction it'll shoot straight up and then have a panic sell which will ruin the progress Bitcoin made yesterday.Let's watch this one further. There will soon be a long opportunity for us to take advantage of.
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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.