ETH - On the 4-Hr: Another Short-Term Bull move?
Well, here we go again crypto phenoms, another chart by the “Dyslexic Trader”. It appears we got that post Superbowl surge reflected in the previous red candle with the long wick, I mention in an update on my last ETH chart. This bullish move was meant to drive out long position and make people capitulate on their positions. Crypto trading is almost MORE psychological than it is technical. If you try to protect your position, you’re almost certain to be stopped out at some point in your crypto-trading career. It is the Nature of the Beast! Well, enough pontification, let’s have a look, shall we?
-The Orange Dotted Trendline is intact demonstrating short-term support. It has 4-data points, so I give it some respect in the short-term (2-4 candles respect).
- I drew an overhead Orange resistance trendline as a reference, but it was only hypothetical. It appears that reference line is a very good reference point and should be considered as an area for resistance.
-I see price support (4-Hr time frame) at $107.02 if we breach the 4-Hr Primary Trendline
-Resistance @108.70 is holding.
Outlook
-I explained in a previous chart I felt that we might have a short-term bullish move and it would fade away as there seemed to be no tolerance for price support above $1120.00. I know, you all think I am a genius – that feeling will pass sooner rather than later, but I’ll take the compliments when I can get them.
-Even though the $112.00 seem like the resistance level, sellers are sitting at the $114.00, easily seen on the chart.
-The price action is consolidating right into a critical area; the area where the Primary Support Trendline and the theoretical overhead trend meet. This could create some volatility in a candle a few 4-Hr candles.
-Because the Primary Dotted Trendline is intact, I must give the short-term some Bullish credit.
-Please note the inverse H$S pattern for your review. There are not enough data points for the head and right shoulder, but I must give emphasis to it in conjunction with the Primary Dotted UPTREND line.
-Set you alert for $110.00, as this is another resistance prices level and jumping point if we break free of $108/$109 price action and could portend a challenge of the $112 price level!
If you have come this far in my analysis, may the powers that be grant you the sanity you deserve! So, let’s talk Turkey! What the hell should we do?
If you follow me, which I suggest all persons who do not follow me, consider doing so, you know I swing trade this dog for 20 percent profits. I dollar-cost-average in ETH and sell when I can get 20 percent which at these levels would be a bit over $21.00 USD. I ALWAYS LEAVE SOME ON THE TABLE, so I never have the OMG, I missed the great run to 20k! (LOL). If you are new to crypto buying, I don’t see any problem with buying a token or two at these levels. Not more than 5% of your overall investment because you want to buy more if we go lower! If we go higher you can try and get your 20 percent, maybe more, and be ready for another entry. That’s why you follow me!
Biff’s Strategy
I own a bunch of ETH. The tokens that remain are just profit tokens, as I have not made a purchase in a while. I WILL START BUYING AGAIN IF WE GO BELOW $107. xx. There is lots of volatility at the $100.00 price level and the closer we get to it the more people take notice of ETH. This Constantinople thing is turning out to be a head game, for now. I do believe when we make the switch, traders will attempt to run this dog. I can only speculate how high. When and if that happens yet remains to be seen.
Please note that my TA is only correlated to TIME, so the analysis is only good for about 4 days. After that, it should almost never be considered. I find the 4-Hr timeframe to be the best for swing trading TA.
In conclusion
Find your risk tolerance; commit to your entry; exit at the DEFINED point, leave some on the table for the future, and let’s make some money together!
For real honest no-nonsense TA, consider giving me a follow – if you think my written analysis is easy to understand, well written; how about a Thumbs Up? Don’t forget to follow me on Twitter where I discuss crypto trading and stories from my boring life in a secret location high in the Sierra Mountains in the communist Republic of California!
Best,
Biff
-The Orange Dotted Trendline is intact demonstrating short-term support. It has 4-data points, so I give it some respect in the short-term (2-4 candles respect).
- I drew an overhead Orange resistance trendline as a reference, but it was only hypothetical. It appears that reference line is a very good reference point and should be considered as an area for resistance.
-I see price support (4-Hr time frame) at $107.02 if we breach the 4-Hr Primary Trendline
-Resistance @108.70 is holding.
Outlook
-I explained in a previous chart I felt that we might have a short-term bullish move and it would fade away as there seemed to be no tolerance for price support above $1120.00. I know, you all think I am a genius – that feeling will pass sooner rather than later, but I’ll take the compliments when I can get them.
-Even though the $112.00 seem like the resistance level, sellers are sitting at the $114.00, easily seen on the chart.
-The price action is consolidating right into a critical area; the area where the Primary Support Trendline and the theoretical overhead trend meet. This could create some volatility in a candle a few 4-Hr candles.
-Because the Primary Dotted Trendline is intact, I must give the short-term some Bullish credit.
-Please note the inverse H$S pattern for your review. There are not enough data points for the head and right shoulder, but I must give emphasis to it in conjunction with the Primary Dotted UPTREND line.
-Set you alert for $110.00, as this is another resistance prices level and jumping point if we break free of $108/$109 price action and could portend a challenge of the $112 price level!
If you have come this far in my analysis, may the powers that be grant you the sanity you deserve! So, let’s talk Turkey! What the hell should we do?
If you follow me, which I suggest all persons who do not follow me, consider doing so, you know I swing trade this dog for 20 percent profits. I dollar-cost-average in ETH and sell when I can get 20 percent which at these levels would be a bit over $21.00 USD. I ALWAYS LEAVE SOME ON THE TABLE, so I never have the OMG, I missed the great run to 20k! (LOL). If you are new to crypto buying, I don’t see any problem with buying a token or two at these levels. Not more than 5% of your overall investment because you want to buy more if we go lower! If we go higher you can try and get your 20 percent, maybe more, and be ready for another entry. That’s why you follow me!
Biff’s Strategy
I own a bunch of ETH. The tokens that remain are just profit tokens, as I have not made a purchase in a while. I WILL START BUYING AGAIN IF WE GO BELOW $107. xx. There is lots of volatility at the $100.00 price level and the closer we get to it the more people take notice of ETH. This Constantinople thing is turning out to be a head game, for now. I do believe when we make the switch, traders will attempt to run this dog. I can only speculate how high. When and if that happens yet remains to be seen.
Please note that my TA is only correlated to TIME, so the analysis is only good for about 4 days. After that, it should almost never be considered. I find the 4-Hr timeframe to be the best for swing trading TA.
In conclusion
Find your risk tolerance; commit to your entry; exit at the DEFINED point, leave some on the table for the future, and let’s make some money together!
For real honest no-nonsense TA, consider giving me a follow – if you think my written analysis is easy to understand, well written; how about a Thumbs Up? Don’t forget to follow me on Twitter where I discuss crypto trading and stories from my boring life in a secret location high in the Sierra Mountains in the communist Republic of California!
Best,
Biff
Commento:
Will the trendline hold?
