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Ethereum / Canadian Dollar

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ETHCAD trade ideas

ETHCAD -Update on the weekly timeframeThis analysis assumes that the May 17 and June 21 lows, which break the wave 1 high from Jan 8, 2018 (not allowed according to EW principles) is in fact a wave 4 bottom, and we are currently in a wave 5. The Fib targets for the cycle W5 are around 6k-7k (the -0.146 and -0.382). On the lower degree (orange count) we appear to have completed a wave 4, and are now in a wave 5, and on the lowest degree (yellow count) i believe we have just completed a wave 1 and are now going to retrace for a wave 2. The reasoning for this is the smaller count which is not shown here due to the timeframe. This yellow count is the most susceptible to change, so take it with a grain of salt until we have a wave 2 bottom confirmed, however I'll be looking to pick up ETH at under 4k CAD. That being said, if this count is wrong, it'll be wrong in the bullish direction ie: wave 1 on the yellow count is not in yet, therefore wave 2 will be higher, therefore wave 3 will be higher still. Furthermore, if we assume that the cycle wave 4 is actually a nested 1-2-1-2, so we aren't breaking any EW rules and it lines up an exact hit (double bottom in fact) on the 61.8% fib, that would mean we are currently in a wave 3 of 3, with a minimum target of 10k CAD. This would line up with a move to ~90k for BTC and and also a bull market in growth stocks which have been consolidating over the past year. But that's a story for another day.
Long
by ir-rizzle
Long on EthereumI have bought into Bitcoin at around $850 CAD just based on the idea I'm long on blockchain and crypto in general and ethereum had climbed way less than bitcoin since their highs in 2018. Bitcoin surpassed its previous 2018 high on around Dec.16th which around $20,000CAD. It is currently around $35,000CAD or up 75% since its previous high. In the case of Ethereum its previous high in 2018 was around $1,750CAD. It has a resistance point around $960 and breached that on Jan 3 and then brokeout. It started the year at $930 and has blown by the 2 other potential resistance points at $1,000 and $1,250 and is currently at $1,450 testing its next resistance at around $1,515. I am long that Ethereum is going to test its previous 2018 high at around $1,700 and then could massively breakout. As I have been following this, I have already seen bitcoin investors funneling their cash into Etherum as it broke previous resistance. Look for that to happen again as it approaches it $1,700 high and then upon breakout. This should continue long and ride crypto and Bitcoins coattails to new highs. Right now my support is at $1,250 and a stop loss and taking gains at $1200. Worst case. Look for $1700CAD to be the new support if it breaks it.
Long
by chrismaddalozzo
ETHCAD in Triangle Wave, Entry near 320 CADHello Traders, In the early half of 2017, a bullish 5 Wave took ETH to all-time high of 587 CAD on 2017-06-12. Since then, ETHCAD is trapped inside a triangle consolidation. This type of consolidation is usually a continuation pattern, so we may get a new high in 3~6 month. As the triangle narrows, the next bottom for ETH would be near 320~290 CAD. It will be substantially higher than 250 CAD on 2017-09-15, but this is what you pay for more certainty. PS. I do analysis in ETHCAD because (1) I trade in CAD $ (2) USD $ has been volatile lately, ETHCAD gives a cleaner picture. If you like my analysis, please mouse over "larry47" above and click FOLLOW. Happy Trading -- Larry47
Long
by larry47