ETHUSD: The Little Bull That Could
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Over the past 2 weeks we have seen an incredible bull run from ETHUSD. Just today we saw ETHUSD surpass $700 on high volume. Shown above is a daily chart of ETHUSD paired with a custom scripted TD (Tom Demark) indicator. You can see that since this bull run has begun, we have gone through a full bullish count (9 days) and initiated a second bullish count. You can see that on 4/16 the daily bar showed a "9" indicating that the bull run would run out of steam. Clearly, you can see that this run continued. The day after, the price never fell below the low of the previous day, creating a new bullish count. Now we are on the 8th day of that bullish count. At 8 pm EST tonight, the 9 should initiate on this daily chart, indicating that this count may turn to bearishness.
Based on this indicator, on this time frame, you might be inclined to sell. When we take a look at the ETHUSD SHORTS chart shown below, we see a large influx of shorts over the past few days, also indicating the price may fall in the near future. This supports one's decision to sell at this level. You may also notice that the daily short chart is showing a 9. To me, this indicates that the shorts are ready to do some damage, and profits from the bull run are ready to be taken.
Shown below is the weekly ETHUSD chart. I like to use this chart in conjunction with the TD indicator to show long term trends. You can see that over the past 2 weeks, a bullish count has been initiated, meaning that we could see anywhere from 1 - 7 more weeks of bullishness. Generally, the likelihood of continued weekly bullishness is is high.
When we combine our learning from the daily and weekly charts, we come to the following conclusions:
1. A short term pullback is very likely. I think the price will fall to near the weekly low. I'd expect $580 - $600 to be the low of this week.
2. After a short pullback, the long term trend is bullish. Look for high volume to bring us back up from the $580 - $600 level. Then I'd expect the weekly price to close somewhere between $620 and $700. Moving into the next few weeks, I'd expect the price to continue to rise. If we can maintain/push past $700 - $710, then we will see $850. $1000 is my target after that. If we push past $1000, we'll test the all time high again. If we pass that all time high, look up in the night sky and you'll see the price of Ethereum right there next to the moon.
Based on this indicator, on this time frame, you might be inclined to sell. When we take a look at the ETHUSD SHORTS chart shown below, we see a large influx of shorts over the past few days, also indicating the price may fall in the near future. This supports one's decision to sell at this level. You may also notice that the daily short chart is showing a 9. To me, this indicates that the shorts are ready to do some damage, and profits from the bull run are ready to be taken.
Shown below is the weekly ETHUSD chart. I like to use this chart in conjunction with the TD indicator to show long term trends. You can see that over the past 2 weeks, a bullish count has been initiated, meaning that we could see anywhere from 1 - 7 more weeks of bullishness. Generally, the likelihood of continued weekly bullishness is is high.
When we combine our learning from the daily and weekly charts, we come to the following conclusions:
1. A short term pullback is very likely. I think the price will fall to near the weekly low. I'd expect $580 - $600 to be the low of this week.
2. After a short pullback, the long term trend is bullish. Look for high volume to bring us back up from the $580 - $600 level. Then I'd expect the weekly price to close somewhere between $620 and $700. Moving into the next few weeks, I'd expect the price to continue to rise. If we can maintain/push past $700 - $710, then we will see $850. $1000 is my target after that. If we push past $1000, we'll test the all time high again. If we pass that all time high, look up in the night sky and you'll see the price of Ethereum right there next to the moon.
Заметка
Check it out folks. We hit $605 this morning and bounced nicely. We shall see if this forms as the support!Заметка
High volumes supporting the price around $600!
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