ETHUSDPennant on ETH is indicative it's heading down (IMHO). Why?
1) ETH is trading less than half the volume it was a week ago when it hit 320.
2) Segwit2x news readying to impact crypto land the 22nd of August.
3) ETH is highly correlated with BTC for now, which shows a rising wedge on the 4 hour chart.
4) The typical 'quiet before the 'dump' storm.'
5) ETH has not touched 300 on over 24 hours (and with it's low-volume trading, it will not do so organically without some 'whale-pumping').
6) Lastly, when the 'whales' aren't actively buying, watchout!
That said, I predict ETH to retest at 270ish zone before a Bull run to 330-350 (and maybe even 400-peak before the ETH Fork in Sept)... It may even touch into the 250ish zone before going back up.
Disclaimer: I'm not an expert, but I am consistently profitable. I buy low, sell high, bet big, and avoid risk exposure due to over trading. I can be wrong, so take my opinion for what it is. Cheers.
Note
Although a cup and handle formation pattern may form to tip the scales (now that a few larger players have surged), I believe it will likely retest 270 nonetheless before hitting 350. Trade wisely!
When all else fails, simplify. -Me
DISCLAIMER: My analysis and opinions are mostly based on the current trends and chart analysis. That said, you are inevitably responsible for your own decisions. Trade at YOUR own risk. Cheers!
DISCLAIMER: My analysis and opinions are mostly based on the current trends and chart analysis. That said, you are inevitably responsible for your own decisions. Trade at YOUR own risk. Cheers!
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.
When all else fails, simplify. -Me
DISCLAIMER: My analysis and opinions are mostly based on the current trends and chart analysis. That said, you are inevitably responsible for your own decisions. Trade at YOUR own risk. Cheers!
DISCLAIMER: My analysis and opinions are mostly based on the current trends and chart analysis. That said, you are inevitably responsible for your own decisions. Trade at YOUR own risk. Cheers!
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.