Ladies and Gentlemen. This is the moment we've all been waiting for. It's basically the Blue Super Blood Moon of TA and it's happening SOON.
What am I talking about? I'm so glad you asked. Since February 8, ETH has ditched its wild volatility in favor of a sustained (albeit mild) bullish move up. You can see the ascending support (green line) slowing crawling toward the significant resistance of the massive descending downtrend channel (thick red line).
Here's where it gets interesting. Crawling up to meet ETH in its mild bull run? None other than the 50 moving average. And what do we have here? The 200 day moving average wants to join the party and looks like it miiiiight be looking to support the current price action. So, on the support side, we've got the 50 day MA (orange line), the significant ascending support that's been building since Feb 8 (green line), and possibly the 200 day MA (dark blue line). Please keep in mind that the 200 Day MA is barely a signal, and I'm looking to see if it acts as support. By no means should we consider it support at the moment.
All of this support just happens to be converging at the top of the massive, eff-off top of the descending channel which started back in January 13. A break above the thick red line would likely send ETH shooting up as it would represent (to me) a pretty convincing reversal from the overall bear trend.
Right now, we're just waiting on the market to decide. For educational purposes only, a break above the top of the descending channel would be a STRONG buy signal, especially if it coincides with a bullish divergence on the MACD. A break below the 50 MA, the ascending green trendline, and the support line that's been forming in the small sideways channel over the past 5 days would be a strong sell signal.
As always, use your best judgement.
What am I talking about? I'm so glad you asked. Since February 8, ETH has ditched its wild volatility in favor of a sustained (albeit mild) bullish move up. You can see the ascending support (green line) slowing crawling toward the significant resistance of the massive descending downtrend channel (thick red line).
Here's where it gets interesting. Crawling up to meet ETH in its mild bull run? None other than the 50 moving average. And what do we have here? The 200 day moving average wants to join the party and looks like it miiiiight be looking to support the current price action. So, on the support side, we've got the 50 day MA (orange line), the significant ascending support that's been building since Feb 8 (green line), and possibly the 200 day MA (dark blue line). Please keep in mind that the 200 Day MA is barely a signal, and I'm looking to see if it acts as support. By no means should we consider it support at the moment.
All of this support just happens to be converging at the top of the massive, eff-off top of the descending channel which started back in January 13. A break above the thick red line would likely send ETH shooting up as it would represent (to me) a pretty convincing reversal from the overall bear trend.
Right now, we're just waiting on the market to decide. For educational purposes only, a break above the top of the descending channel would be a STRONG buy signal, especially if it coincides with a bullish divergence on the MACD. A break below the 50 MA, the ascending green trendline, and the support line that's been forming in the small sideways channel over the past 5 days would be a strong sell signal.
As always, use your best judgement.
Commento:
Commento:
Well, shoot. Looks like I was right about ETH moving, but INCREDIBLY wrong about which direction it would go. Set those stop-losses folks. I'm also downright embarrassed that I didn't take that developing H&S pattern more seriously.
