ETHEREUM ETH Downtrend continues Part 2 - possible 1677 USD
Updated
Dear Friends,
This post belongs with my previous post of Ethereum. I am posting a new one so you can follow the price trend instead of a screenshot in the update.
We are in a perfect downward trend channel and approaching the bottom of the falling wedge that might be broken if the market were to go into a crash.
All support and resistance in the chart.
If the neckline of the HS is broken the bullish falling wedge expires and we head towards USD 1677.
Important:
Do not think now that alts are falling less than Bitcoin that we have an improvement! For a rising market both need to be in harmony, Currently there is absolutely no harmony and the Bitcoin dominance is making violent moves indicating great uncertainty in the markets!
Dear friends, always use stops and if nto with lot of experiance it is not adviced to use leverage in your trading.
I wish you all good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
See also my previous post
This post belongs with my previous post of Ethereum. I am posting a new one so you can follow the price trend instead of a screenshot in the update.
We are in a perfect downward trend channel and approaching the bottom of the falling wedge that might be broken if the market were to go into a crash.
All support and resistance in the chart.
If the neckline of the HS is broken the bullish falling wedge expires and we head towards USD 1677.
Important:
Do not think now that alts are falling less than Bitcoin that we have an improvement! For a rising market both need to be in harmony, Currently there is absolutely no harmony and the Bitcoin dominance is making violent moves indicating great uncertainty in the markets!
Dear friends, always use stops and if nto with lot of experiance it is not adviced to use leverage in your trading.
I wish you all good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
See also my previous post
Comment
Dear friends,Whales are back with a new manipulation in the price!
That is why shorting with tight stops is also dangerous. When nobody expect it there is this action... Elon Musk on the buttons with space x fuel for crypto. Only the fuel burns fast.
Comment
UpdateDear Friends
We can redraw the line and it is clear that there is not a breakout yet. For me to have a valid breakout we need at least a 4 hour closing candle above the purple wedge line.
Tace care in this market because the whales are playing with the buy and sell buttons at moments nobody expect it. To put the price just where they want it too. The fact that only Ethereum is positive is not good. I want to see the broader market stable.
Comment
The chart speaks for itself ;-)Comment
Dear friends, Bitcoin broke out to the upside from a diamond pattern.See the screenshot. The last Diamond target was hit exact!
I wrote the target on 11th of june and the 12th it was hit and Bitcoin reversed.
Comment
Dear friends, after studying many other data, charts, the alts and Bitcoin I come to the conclusion that in my opinion Bitcoin is going to rise again and the ALTS are going to fall again.Ethereum is the strongest ALT coin so probably also less decline than many others. This is purely from my own research and something I think what is about to happen.
We also see Diamond's Target at 36800 for Bitcoin and Ethereum still has not broken through the downward trend line / wedge.
Volume is also declining and on smaller timeframe ETH is now developing a small HS formation with a first target of 2300 USD
Trade active
Right on track!Dear friends, we are right on schedual and the target of 2300 USD as I wrote in my last update is almost there.
Stop for short is 2500 USD
Trade closed: stop reached
Position is close because of a breakout from a tendline + BTC breakout.Comment
Position is now LONG with a first target of 2600 USDComment
So now we are in a long position from 2450 and is already a nice profit!Add to the position on a re-test of the breakout line is a very good method. Price always re-test and you buy it cheaper. There are now negative divergences forming on shorter time frames.
Succes friends!
Trade closed manually
Trade closed manually: Dear friends,I close the position. I will wait untill BTC has touched the neckline of the Inv HS formation. As long as this neckline is not re-tested it is risky to go long. Also we are in the middle of the triangle. The risk on the markets is still high. You see it at the rise of Bitcoin and the smaller rise in Ethereum.
If I open new trades it will be in a complete new post.
Happy trading friends
Comment
If btc dominance change it could be amazing for the ALTS which can gain a lot. For now I see Etherum going to the blue line in the chart. Target around 2700 and then a new (healthy drop).
Comment
We will probably drop to 2350-2250 as Ethereum has fallen out of a wedge. Also, keep an eye on Bitcoin dropping to the neckline.Good luck dear friends
Comment
Comment
In general, there is very little volume in the increases of ETH and BTC. That makes it suspicious. We are in a range and I expect this range to continue for some time.Comment
Dear Friends,I currently see many fundamental and technical factors. that could indicate a drop to 1600 within a week's time. I sincerely hope this will not happen but keep in mind that it could. This is not trade advice but an idea, a possible scenario that I personally take into account. Until there is more clarity I am not going to take a long position.
You can go long or short but you can also stand on the sidelines for the very best opportunities. That takes patience and is certainly not suitable for traders with fomo.
Chasing the price is often a bad idea. Buying on bullbacks is a good idea but to buy on a pullback the higher trend must be up because otherwise you are trading against the direction and your stop will be hit quickly.
To go long on Ethereum much more safely it will first have to close above 3000.
Good luck dear friends!
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