ETHUSD: bullish projections, possible double top
Updated
ETH has been making bull fractals ever since the bulls regained control on descending 2 hour candle number 9. The smaller time frames show bullish action while the larger ones point to possible downward movement.
Conflicting signals, oh how I love them.
Number theory on both the macro and micro time scales are telling us to keep our eyes wide open to look for impulsive market activity. Not only are we nearing some significant candle counts on the 1hr and 2 hour and 4 hour(I didn't mark it on the chart but the orange line also represents the 4hr candle number 9 since our previous peak), but we are also meeting a significant day candle mark at day number 42 of our rise since the dip to the mid 100s.
ETH is going to do some big things soon, and if it decides to go bullish and breach B, I have some price targets set up for us.
If B is breaches with momentum,
V=350
N=349
E=337
possible rejection at,
NT=336, roughly a double top
As you should know by now I like to stay prepared for trades in either direction. I am quite prepared for ETH to make a double top at the rejection point and take a trip down, possibly to the low 300s.
But just in case the bulls maintain their strength and inspire enough confidence at the top, we have a battle plan.
Similarly if our expectedly significant impulse is in the southern direction, we should have an alternative strategy.
I should be providing one sometime soon.
Conflicting signals, oh how I love them.
Number theory on both the macro and micro time scales are telling us to keep our eyes wide open to look for impulsive market activity. Not only are we nearing some significant candle counts on the 1hr and 2 hour and 4 hour(I didn't mark it on the chart but the orange line also represents the 4hr candle number 9 since our previous peak), but we are also meeting a significant day candle mark at day number 42 of our rise since the dip to the mid 100s.
ETH is going to do some big things soon, and if it decides to go bullish and breach B, I have some price targets set up for us.
If B is breaches with momentum,
V=350
N=349
E=337
possible rejection at,
NT=336, roughly a double top
As you should know by now I like to stay prepared for trades in either direction. I am quite prepared for ETH to make a double top at the rejection point and take a trip down, possibly to the low 300s.
But just in case the bulls maintain their strength and inspire enough confidence at the top, we have a battle plan.
Similarly if our expectedly significant impulse is in the southern direction, we should have an alternative strategy.
I should be providing one sometime soon.
Note
EDIT** in the first sentence I meant descending 2 h2 candle number 9, not 1 hour candle.
Sorry for any confusion.
Note
We are at the potential rejection point.All eyes on ETH
Note
We have breached B with momentum. Bulls have control.If they can manage to preserve bull structure then our price targets are confirmed.
Note
We have hit our high probability probability price targets.Note
BTC: 363sDXLXkV7tm3pJmK2mLTDZjdTANbiA4A ETH: 0x4c1aA87252e31C2552248b3561c9dBef7E21C7Fb
LTC: LeUKche2Mz51tNG4jmTj2LkufkNUd4DpFm
If my advice helped make you feel generous enough, feel free to donate and keep the analyses rolling in.
Cheers, enjoy your beer money ladies and gentlemen. I still have 1 position in place.
Happy trading and stay tuned fore more.
Note
Kept a real tight stop loss on that last position. Took profit as it fell.Trade well brethren.
Note
It appears us reaching our optimistic price targets actually activated price targets for this trade I posted at an earlier point.
Trade closed: target reached
Related publications
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.