I hope you had a great weekend. Here is an update outlook for ETH and what the chart is telling us: 1. ETH is mostly trading in a very narrow trading range - between $280-$320 2. Bulls tried to trade outside this trading range but failed (due to selling pressure) - They could give is a try again very soon 3. Bears also tried moving prices lower, but buying power is very strong (see volume in support area, its very clear volume was high)
We won't see any major movement unless we start ETH moving outside the trading range. I'll update the idea as much as possible, but for now I'm neutral. Let me know if something isn't clear. Thanks - Abdulla
Should i be selling my ETH, based on the breakdown of channel??
Also unrelated question by why do you love the 4hr chart vs the daily?
thanks!
AlaaElmahdy
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Thumps UP As always.
BrunoDanteSampaio
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@AAlFadhala, what, do you think about lisk? I think this coin is about to face a huge wave 5, many people think the same. Very interesting small coin which I believe has a huge potential to become a great coin..
abdullatrader
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@BrunoDanteSampaio,All i can say ETH needs to breakout from the current trading range.
MarraM
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Thanks AA. Can you recommend a good read about how the flood of ICO’s, funded mostly through ETH, are impacting the short and long term price of ETH?
abdullatrader
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@MarraM, Your welcome. My analysis approach is purely technical and does not involve any fundamentals, so i wouldn't be the best person to ask this question. Thanks - Abdulla
Trader6127
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Looks like a distribution phase a bit. But I'm peeled trying to spot a markup or markdown signature along the edges. This will be "vacation" huge either way.
abdullatrader
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@agency, Could be, if we break $270 its definitely the markdown stage. We still haven't seen any proper higher lows and higher highs yet but seen strong buying reactions whenever ETH reaches the support area. This will be interesting to watch as this phase has taken over a month now and the next move should be "HUGE' either way.
SeanFitzjohn
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@AAlFadhala, What are your upside targets if we break upwards?