Position: Short term play
Ok, so if you read this analysis, it's going to correspond to the LTC and BTC analysis a bit that I am putting up at the same time shortly. so please read those as well. I am going to take a deeper dive into these and see what's going on currently and what could happen potentially. Please understand that my analysis comes with the premise that I am cautious and look at many different factors. I primarily look at what the downside risk is when considering upside potential. We have had 2 monster trades there were successful in a bear market and we still need to tread cautiously.
(corresponding analysis summary) BTC and LTC have already broken out of their corresponding ascending triangles/trend lines. While Ether is just barely starting to. Because the other 2 pairs are breaking up, this would lead me to believe that IF we get a quick pull back to the 875 area, I will be buying for a move up to $1,000 since the other 2 are already on the move. Another play is buying the break higher if it breaks through $925. I am not a fan of buying breaks per se, but if you want to pick up a little ETh, it might be worth it.
MOST importantly, I am not going in heavy by any means. My last chart had an ABCD pattern on it, and the pattern just looks better adjusted higher if ETH moves up to the 1k mark. Not only does that pattern look a lot better for a down move, it's hitting a massive trendline and it's hitting heavy resistance. This all needs to be taken into consideration. No doubt the 1k area, will be the perfect exit point. The reason this is concerning is what if it starts another cascade. Could we be going all the way to the $350-400 area in the near term? We shall see!
Doesn't matter if you are right or not, key is to adapt quickly and look at various scenarios that could play out. Thanks for looking!
Sherem
Ok, so if you read this analysis, it's going to correspond to the LTC and BTC analysis a bit that I am putting up at the same time shortly. so please read those as well. I am going to take a deeper dive into these and see what's going on currently and what could happen potentially. Please understand that my analysis comes with the premise that I am cautious and look at many different factors. I primarily look at what the downside risk is when considering upside potential. We have had 2 monster trades there were successful in a bear market and we still need to tread cautiously.
(corresponding analysis summary) BTC and LTC have already broken out of their corresponding ascending triangles/trend lines. While Ether is just barely starting to. Because the other 2 pairs are breaking up, this would lead me to believe that IF we get a quick pull back to the 875 area, I will be buying for a move up to $1,000 since the other 2 are already on the move. Another play is buying the break higher if it breaks through $925. I am not a fan of buying breaks per se, but if you want to pick up a little ETh, it might be worth it.
MOST importantly, I am not going in heavy by any means. My last chart had an ABCD pattern on it, and the pattern just looks better adjusted higher if ETH moves up to the 1k mark. Not only does that pattern look a lot better for a down move, it's hitting a massive trendline and it's hitting heavy resistance. This all needs to be taken into consideration. No doubt the 1k area, will be the perfect exit point. The reason this is concerning is what if it starts another cascade. Could we be going all the way to the $350-400 area in the near term? We shall see!
Doesn't matter if you are right or not, key is to adapt quickly and look at various scenarios that could play out. Thanks for looking!
Sherem