ethhunter
Short

ETH, why do you want to be so cheap? Oh well, thank you!

BITSTAMP:ETHEUR   Ethereum / Euro
Hello everyone !

I'm say to sad that the volume we needed did not show up to break the current downtrend.
On the 1 hour chart we have crossed over to a brearish state again, and we can see the shape of a head and shoulders pattern appear.
We will go probably go down a bit, but the question is how much, and when to re-enter again.

I have mapped out some possible scenarios, or rather entry points to enter a long position again.
The first would be right above the blue dashed line, where we ran up from to take a second stab at 700€ which got violently rejected.
The second entry point would be at the very bottom in the blue box, where we initiated the uptrend rally.
The third (pick your poison) could be anywhere inside the green box named 1-3 where bullish moves was made.

However, the most feasable option would be to verify a double bottom (this carries the least risk and most reward) at the low area end where we started the uptrend (purple line).


Good luck trading
Kommentar: Looks like we still have some steam and volume increase that kept us in the bull zone i mapped out on my previous chart, also, a symmetrical triangle has been formed on the 6h chart and it looks like we actually will get a breakout.
I'm still staying on the sidelines and waiting for a breakout confirmation before getting back in.
Kommentar: The breakout potential could go both ways, but I'm expecting the price to drop at this point. It's a gussing game, however volume is still lackluster.
6h MA is flat but slightly bullish favor on the hourly, MACD is showing bearish signs.
We have continued to make lower lows and lower highs, so all the signs point to a reattempt at the lower support levels very soon.
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