MarcPMarkets

ETHUSD .382 Support Break Sign of Weakness.

BITFINEX:ETHUSD   Ethereum / Dollar
ETHUSD             has broken 273 (the .382) support from the major bullish trend on the larger time frame (See large red arrow). The bullish trend is still intact in my opinion, but this support break confirms short term bearish momentum. Situations like these are very conflicting since the larger time frame presents a bullish condition while short term selling weighs on this market at the moment. Based on the structure on the 15 minute chart, momentum is now bearish and I would expect selling pressure to push prices lower toward the next major support at the 247 area. As long as price stays below the 280 resistance, it is reasonable to expect lower lows. Two scenarios can happen that will negate this short term bearish outlook. 1) The formation of a broad double bottom in the 274 area (where we are at the time of this writing). 2) A break above the 280 resistance followed by a higher low. Until one or both of these bullish scenarios emerge, I will be watching for price to retrace and hold the 247 support. From there I will reevaluate and look for bullish reversals. I am not a big fan of shorting a market that is generally strong, I like to stack probabilities in my favor. My preference is to stay flat and wait for bullish momentum to return. Let's see how this plays out. Stay tuned for my next update.
Marc Principato, CMT |Author: Analyze Any Financial Market Like The Pros Using Price Action| http://www.Priceactiontraders.net | Cofounder http://www.seekingcryptos.com (S.C.)





You need to be looking at the daily and weekly chart. This thing is going to $200. 50dma is about to fall through support. Good luck. Nasdaq, DOW, SPX, Russell are all about to take a dump soon. Global indexes are all about to take a dump.
Antworten
Do you think anything positive about the 5 MA potentially crossing up over the 10MA on the daily?
Antworten
@rubyAM, I am very bullish on the daily and weekly time frames. I don't look at the MA's because they are lagging, but price action is clearly bullish and I would expect any MA cross over signals to be supportive. Price action will give you a much better idea, especially when the market reverses.
Antworten
rubyAM MarcPMarkets
@MarcPMarkets, I only ask b/c of my idea: Check it,
Antworten
Some huge drops in rapid fashion, i am nervous :S Im short right now for a while, but when to end this trade...
Antworten
@zrahsut, if I was short, I would be nervous too. That's why I won't short it. Nice trade though.
Antworten
thank you!!!
Antworten
@skidoo, You're welcome. Will try to keep everyone updated. Stay tuned for more.
Antworten
great TA, thanks for the insight!
Antworten
@tceternal, Thank you happy to help.
Antworten
DE Deutsch
EN English
EN English (UK)
EN English (IN)
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Startseite Aktien-Screener Devisen-Screener Krypto-Screener Wirtschaftskalender So funktioniert es! Chartmerkmale Hausregeln Moderatoren Webseite & Brokerlösungen Widgets Stock Charting Bibliothek Feature-Anfrage Blog & Nachrichten FAQ - Häufige Fragen & Antworten Hilfe & Wiki Twitter
Profil Profileinstellungen Konto und Abrechnung Meine Support Tickets Support kontaktieren Veröffentlichte Ideen Followers Ich folge Private Nachrichten Chat Abmelden