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ETHUSD is plotting very nicely on the 4 hour chart and has made two very good rallies to strike the 100 MA and more recently the 200 MA as you can see on this chart. I would hazard a prediction that it will consolidated down a bit from here and that the next big rally will predictably tag the 300 MA as I have charted. This will look like a trend line breakout and many shorts will rush to cover so the spike here may be fairly considerable but it should settle down again and move lower.
Maybe not, but it's just an idea...
I really think that BIG MONEY is holding out and perhaps even shorting at this point. They are not called SMART MONEY for no reason and they will not buy unless they are convinced that the bottom is in.
I am sticking to my strategy of buying all dips as the reversal points... well who can be 100% sure...
How does August 1st factor into this?
@alexb123, I'm not really bothered by news too much as for me the trader sentiment of the news can be read in the charts. In other words when its news, it's already old news. I'm a technical trader and rely on my analysis and the great analysis of others presented here on TradingView.
pisces38 graham.edwards84
@graham.edwards84, don't be naïve to fundamentals. sometimes newly released material information can throw your charts way off. fundamentals > technical analysis for longer term projections.
+1 Antworten
FRB pisces38
@pisces38, In technical analysis, fundamentals and other news are already priced-in and can be seen in charts
@FRB, they're not always priced in. look at Enron and Tyco for example. I can say the same for anyone who was trading mortgage backed securities in 2008.
@FRB, Btw. A good financial advisor will use BOTH technical analyses and fundamentals for investing long term money... One can not be replaced for another - they're entirely different disciplines. I say this because I so happen to be a registered financial advisor in the U.S working for one of the largest banks. @graham.edwards84, also BIP 91 looks like it will be getting 80% of miner support. So August 1st hard fork looks quite unlikely, hence why BTC is still holding up at 2800+ will also reach all time highs come mid August. All this is fundamental analysis. Good luck to all!
FRB pisces38
@pisces38, Of course they are not always priced-in, but most of the time they are priced-in. I equally believe fundamental analysis (FA) the same way as technical analysis(TA), it's the first reason why I joined the fun in cryptocurrency world. I looked at FA to hodl for the long-term but I also use TA to time the entry and exit for some part of my position. For example, when I see in the chart that it shows a pattern of hesitation (e.g. triangles or sideways), I refer to news, events and FA as possible catalyst to where will the direction of price go.
@pisces38, it would be awesome to see a rally here.
@pisces38, I think it's fair to say that if some big news comes along and it takes the crowd by surprise then it will certainly shock the market. But the direction of the move is usually in favor of the pent up energy in the traders when the trade is well below averages. But yeah I fully like to invest in stocks that I believe in and have done my research. I'm not against fundamentals and homework.
+2 Antworten
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