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Ethereum (ETHUSD): Trend Change Criteria And Key LevelsIt's been a long time since I posted ETH ideas. The last one was quite successful as it called to open short position just below $287 level: Now we see that the correction took form of a Flat pattern (3-3-5). It doesn't look impulsive, so there is no immediate threat to the main trend, which remains uptrend. On this chart I apply modified Schiff pitchfork as most accurate price channel. We need to see the break of its boundaries to change the short-term trend to uptrend. Until then, it remains neutral. Taking into account the sharp rise of the last 3 days (89% from low to high), I expect a pullback to levels drawn on the chart. That would be natural. Also keep track of my BTCUSD idea, as the two currencies now have 93% correlation:
BITFINEX:ETHUSD
by Nickonomics
Bitcoin (BTCUSD): Return Of The Bull?Previously, I identified a bullish Inverse H&S Pattern, which targeted the $2200 area. It worked out to our benefit: The upward momentum continued with price breaking out of the pitchfork boundaries. The short-term trend has turned neutral from negative. I've changed the wave labels from A-B-C to W-X-Y correction, which is more accurate and, more important, suggests higher prices ahead. From a classical charting point of view, there is a potential for H&S Top pattern to form. For this, price should go up to $2760 level. Either way, bullish setiment is expected set in. That being said, I wouldn't be surprised to see a pullback below $2200 as a natural correction after the sharp rise of the last couple of days. Key price levels are drawn on the chart.
BITSTAMP:BTCUSD
by Nickonomics
15
Ethereum (ETHUSD): Triangle Thrust ImminentPrice has been coiling for quite a while, forming a triangular pattern. If this is indeed a wave Triangle (A-B-C-D-E), then new record prices are soon to come. Considering that main trend is rising, the possibility of breaking from the triangle upwards is higher. Yet, we should also take into account an alternative scenario, under which the break of $287 will generate a sell signal with targets below $250. Anyways, triangle-based breakout trades are usually very beneficial, so don't miss out on this opportunity.
BITFINEX:ETHUSD
by Nickonomics
9
Ethereum (ETHUSD): Criteria For Uptrend ResumptionThe current correction scenario with key price levels were outlined in my previous post - thank you for positive feedback. This time I have updated key levels, and would like to draw your attention to the pitchfork, which proved to be the best possible price channel for this short-term downtrend. As long as price stays within it, the correction is not over, even though minimum retracement criteria have been met. I will soon update on the ETHBTC pair, as it presents a tradable opportunity.
BITFINEX:ETHUSD
by Nickonomics
11
Ethereum (ETHUSD): A Bullish Case For EtherThe breakout from Andrews' pitchfork @H1 chart suggested that the recent correction, which took form of an A-B-C pattern, has likely been completed: If we look at the bigger picture, we can see a strong uptrend (main trend) that is set to continue higher above $412. The correction from $412 to $265 is labeled as Wave (4), and there is a clear Reverse Divergence pattern @RSI, which supports this view. In worst case scenario, price might go back to $240, but this would be interpreted as a buying opportunity within the uptrend.
BITFINEX:ETHUSD
by Nickonomics
4
BTCUSD Short-Term Update: More Downside AheadIn my last post I anticipated the test of 1820-30 area to clarify short-term wave count. The price didn't reach 1820, putting a top @1815. As far as trading is concerned, I suggested going short on the brake of the pitchfork (you can see the label on this chart). This strategy worked well, as price slid from 1760 to 1682, where it found support @62% Fib. The chart is becoming increasingly bearish, and the wave count suggests more downside pressure to mount.
BITSTAMP:BTCUSD
by Nickonomics
BTCUSD Short-Term Update: Ambiguous Wave StructureUnfortunately, my last post was blocked due to ads rules. It called for more upside above 1800 based on impulsive nature of the advance from 1601 to 1747. At this moment the price is likely to test 1830 level, and this area may be very important because its test could determine whether the market makes new all-time high or not. The difficulty is that we can't be certain whether the decline from 1892 to 1601 is a motive wave (setting new trend down) or a Double Zigzag Wave (4) of higher degree, which means absolute highs are yet to be set. The daily chart looks like this: Bottom line: We need to see the test of 1820-30 area to clarify short-term wave count. All important price levels are drawn on the chart.
BITSTAMP:BTCUSD
by Nickonomics
1