CapMoore

#1 Crypto ETH/USD Retracing Bounce Dec 24 2017

BITSTAMP:ETHUSD   Ethereum / Dollar
Price has come down to test the lower Cloud support during Asia session
and is currently recovering some of those losses. There is a Cloud twist
forming that indicates upside bias. A head & shoulders pattern is carved
out with the shoulder level around 740 and neckline around 600, an
untriggered pattern to keep in mind.
Bulls are looking for a close above the 740 level and a breaching and
close above the Cloud. A close below the Cloud and we may see a drop and attempt
to trigger the H&S pattern.
As long as the lower Cloud holds support the bias is to the upside, since we saw
the Weekly Pivot Point hold support and price is trading above the ascending SMA200.
From an Ichimoku perspective, as price is trading inside the Cloud, trend is neutral
on this timeframe. Note that price has closed above the Kijun Sen (White equilibrium
line). Another close above it (current candle) then traders could utilize the established
low at 647.50 as a stop level, aiming for the recent high at 756.50 and the upper Cloud.
I find it interesting that despite the fact that GDAX prices are always considerably higher than other exchanges, the wicks on the drops are always significantly lower than other exchanges. That $501 wick on Bitstamp was $460 on GDAX. Sorrry to veer off topic a little. Just kept noticing it in all the Bitstamp charts.
Antworten
@Box1515, I see GDAX has a slightly higher Spot price now, $15. It is a common theme that Highs and lows differ slightly between exchanges, something I am used to from FX. I use the same
exchange for consistency. Generally, bigger swings and higher spot can be caused by lesser liquidity. I don't know it that is the case with GDAX. I think they were down too at some point during
the big drop.
Antworten
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