Delirium in Ethereum! Bulls in a Daze! (ETH)

BITSTAMP:ETHUSD   Ethereum / Dollar
Hi friends! Welcome to this update analysis on Ethereum! Let's jump right in! Looking at the four hour chart, you can see that ETH did breakout from the bull flag , but the breakout is not impressive. The dotted black trendline (rising from the bull flag ) represents the potential gains acquired by a move equal to 100% of the formation's potential. Unfortunately, the bulls have quickly run out of gas, and the breakout has only captured about 1/3 of the formations full potential. As you can see, the ever-so-resistive 50 EMA (in orange) is just above the price action, and it's acting like a wall that many coins just can't seem to penetrate. There is still a hypothetical inverse head and shoulders pattern on the chart, from our visionary discussion on the last post, but unless we can get above the 50 EMA , that formation won't be likely to develop. As a reminder, the visionary discussion was purely hypothetical, and assessed the potential movement that could be generated if the bull flag reached a breakout of 100% of it's potential. Now, I have seen inverse head and shoulders bottoms with multiple troughs, but I'm more inclined to believe that we could be forming a lower high at the moment. Perhaps we haven't seen the 'peak' of the head yet, and ETH wants to head lower, to touch my triangle target first. =D Technically, a breakdown hasn't occurred yet, so the inverse head and shoulders theory is still plausible, but given the overall posture of the crypto space, and the weak bull flag breakout, I think there is a high probability that ETH rolls over from here. Volume has been steadily dropping as well, which did not confirm the breakout of the bull flag . Clearly, the interest in ETH is waning. On the MACD , we can see that we've been moving higher, over a bullish crossover, but it appears to be just starting to flatten, before potentially rolling over. The interesting thing to note is the bullish divergence , or lack-there-of ( MACD orange dotted trendline .) Many of the other charts that I review, show strong bullish divergences in the MACD , where price makes lower lows, and the MACD makes higher lows. ETH's MACD has formed an equal low, as price formed lower lows. It is a divergence, but not a very strong one. Still, it is a weak indication that the bulls are trying to form a bottom in this market. Do not, do not, do not, let that blind you from the fact that this is still a bear market, and the bears are in total control. A single bounce does not end a bear market. The bulls have a lot of work to do, to regain control of ETH.

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-

Hehe, mr magicpoopcannon is finally a little bullish :)
Looks like ETH is trying to break out of a rising wedge on the 4hr bar, it's weak as you say and trying to grind higher.

We need ETH to drop BIGLY again to sub 500 levels for a magical poopy rebound.
+4 Antworten
Very nice - and this would correlate with your reversal on BTC on that you had down as well - if BTC can get to 9K plus today then this could propel ETH up also to the neckline, then the pull back/correction drops it into the 2nd should for the inverse H&S to form
+2 Antworten
Rad thanks dude.
I've been on the tradingview platform for a few weeks now and I'll tell you, MPC you are the one source I've consistently followed to get thru all the noise and crazy TA's that I see in the marketplace...I'm heavy into LTC and your LTC analysis is invaluable...I hate to see what you have to say sometimes, but it can't be faulted because its practically true every damn time...
+7 Antworten
cprime ShanQureshi
@ShanQureshi, dude is always on point, right? I even sent him a tip via LTC for his analysis. Best of the best on tradingview!
+3 Antworten
Can you update on BTH and the current pump there please?
+1 Antworten
LOL, that kryptonite is powerful stuff!
Thank you!!!!!!!!! If you are offering a class I would love to take it.
+2 Antworten
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