The Sharks Are Circling — Ethereum! (ETH)

BITSTAMP:ETHUSD   Ethereum / Dollar
Hi friends! Welcome to this update analysis on Ethereum! Looking at the four hour chart, we can see that ETH has fallen from the bear flag , and formed a small new downtrend channel (blue dots.) It's currently pushing into the 200 EMA , as the sell-side momentum continues to pick up. Taking a closer look inside of this new channel, we can see that there was a decent amount of action around the 50 EMA (in orange,) which produced two failed attempts break above. Ethereum wants to go somewhere, and clearly, up is not the direction that it wants to go. It appears to be building a small bear flag on top of the 200 EMA , which increases the likelihood that it will break. If you look closely, you can see a head and shoulders formation inside of the bear flag and the channel. I didn't want to draw it on the chart, because there would be too many things in one area. However, it is there. I've taken the liberty to draw a pink downtrend channel , just to highlight the potential downside. I'm not saying it will happen, but another test of the bottom of this falling pink channel, will put Eeth well under $600. I'm not saying that WILL happen — I'm just illustrating how, and why, it is definitely possible.

To recap the recent action, we can see that a large head and shoulders formation was made at the all time high. That head and shoulders immediately collapsed, dropping below the rising parallel channel (in green,) and producing a bearish pennant flag. From there, the bear flag broke down, and has produced another head and shoulders pattern. Also, the MACD is expanding to the downside, after a recent bearish crossover (red circle.) Additionally, every attempt to get above the 50 EMA , since the all time high, has been a failure. Overhead resistance is substantial, while downside support is minimal. Therefore, the path of least resistance, is still down. Let me be real with you now. If the bulls can't get Eeth back above the falling pink channel, it's game over — lights out — hasta la vista — sayonara! You get the picture. =D

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-
It's a pretty clear breach now. Let's see if the bulls can keep it up.
Funny how this pendant setup was similar to 2015- 2016 with dramatically different outcomes.
+2 Antworten
shemue-l shemue-l
To the exacts dates.
What are your buy orders set to @MagicPoopCannon ?
+3 Antworten
thanks for the update. I got a limit order at 650 ETH.
+3 Antworten
Rexitup, it's called CME futures. Look it up. This will correct on Friday after the contracts close. Good luck. None of this requires technical analysis. It requires an ear to Wall Street. This analysis is amazing because it gives u an idea of how low this can go. U can't time the bottom in terms of price but I bet you can get ETH under 800 dollars before it corrects.
+4 Antworten
s3_00 Vanwes1
@Vanwes1, am I missing something? I didn't know ltc and eth futures were being traded? If that's true how does BTC futures effect LTC and ETH
arvo s3_00
@s3_00, if you haven't noticed, virtually the entire market lives and dies with btc right now...
+3 Antworten
@arvo, Agreed. All charts for coins I am tracking have the exact same shape except for small slight variations. Their technical indicators, however, are all different.
+1 Antworten
s3_00 arvo
@arvo, yea yea yea I see the charts. My question was worded poorly. I thought maybe I missed that ETH and ltc futures existed. I do have another question to scoff at, but given my igmorance on the matter I have to ask in order to get on with it. How does the end of a futures contract effect the market?
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