IS ETHUSD READY FOR THE NEXT BULL RUN ? #BLESSEDPIPSETHUSD STAYED ABOVE SUPPORT LOOKING TO HAVE ANOTHER GREEN DAY TODAY IN THE MARKET.
#BLESSEDPIPS
Eth2021
ETH breakdown before moving higher.Ok so going off my previous post it looks like this is the scenario that will be playing out, It is of course to early to really draw the lower purple trend line but based on how eth normally moves I expect it to play out around that area. The descending channel should bring us to around 1600 giving us another retest of that old resistance that is now support. This is all extremely healthy and much better than just shooting directly up, Also a really good chance to enter long positions on ethereum and friends even if its just short term ones I personally love taking trades at the bottom of these channels as the likely hood that they break up is extremely high. One could also put in a short position right about meow but i personally dont play that game, especially in a bull market
Ethereum outlook 2021Welcome fellow Tradingviewers,
In this analyses we are going to show you our view on the current market situation for Ethereum. We were going to share a full video on the yearly analyses with you guys but our Mic broke down. We will try to educate you guys using a video as soon as we replaced our mic. (They will be placed here ) If you want to see how we got to this view, based on our previous analyses, you will be able to find them linked in this analyses. So this will be a more general analyses.
This analyses is going to be the second in a series of 7 where we try to give you an idea of what it is like to try and analyse a cryptocurrency for 12 months.
This analyses is based on the impressions we get from the chart and the cryptocurrency market in general.
For this analyses we will be using the 12M , 6M , 3M , 1M and 1W charts.
Every month for the next 12 months we will release our monthly market breakdown.
If you want to receive daily and weekly technical analyses you might want to check our website .
We will be analysing ETH using a top-down strategy, including candlestick patterns, indicators and price patterns .
Yearly:
The yearly candle is one of the most beautifull once we have seen in our trading career. After the 2K17 yearly candle we declined a bit to the lows of that bullish engulfing graph.
After that yearly candle we had the indecisive of 2019, which indicated indecisiveness from the bulls and the bears. the direction just wasn't clear. Well that all changed with this Yearly candle.
This Yearly candle almost obliterated the 2017 high and therefore the last Yearly resistance!
6 - Month:
The last six month candle seems to be confirming the view that we are getting on the Yearly graph. Within just 6 days we are already at the 0.618 Fib. retracement drawn from All time high!
3 - Month:
The 3 month or quarterly candle is more or less validating the signs that we are getting on the 1Y and 6M graph.
Monthly:
- We can clearly see that when we closed above the $300 Resistance that got the Ethereum party started!
- The last monthly candle closed as a bullish engulfing, indicating upwards momentum
- We are well above the 50MA indicating a confident bulltrend.
- The MACD crossed bullish way back and shows no sign of retracement.
- We are at the 0.786 fib.
Weekly:
- The last weekly candle was one of the biggest weekly closes we have had so far gaining ETH price over 42% indicating strong bullish pressure.
- The MACD is in strong bullish territory and does not yet show any signs of retracement.
- The volume keeps on increasing showing very bullish signs.
- We are well above all moving averages indicating more upwards momentum.
- We are at the 0.786 Fib.
(The weekly graph is the graph that is central in this analyses)
In summary:
To summarize things we first want to give you guys a heads up, we are now at the most dangerous and only dangerous point before breaking ATH. We are located at the 0.786, Fibonacci Retracement. Which is the last real explainable resistance before Ethereum is going to break all time high. The month has just started and we have already increased almost 60% which is amazing. But we do have to keep in mind that a signal is only confirmed upon the candle closure, so to be sure that Ethereums upside momentum is going to sustain we would like to see a weekly candle close above the 0.786 Fibonacci Level.
So for now the only way seems to be up, if we get a retracement we would love to buy prices like: $900 and $800!
The coming year will be good for Ethereum based on the Yearly candle closure, however Bullruns can be crazy times where people are starting to feel all kinds of different emotions.
try to keep your emotions under control and let the chart be your guidance. Only trade what you see and don't forget to take your profits!
This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like !
If you want to share your thoughts, please do so in the comments below!
Kind Regards,
Frank | Forallcrypto
