New thread for me to watch Ethereum. Previous view was boring. Better art style.
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This is either another confirmation or an ascending triangle is being formed to eventually break up. Pick your side. I wouldn't trade it until it breaks up even if i was bullish about the market.
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Does it give me the feeling of another up thrust? Honestly yes. But after such a massive rally, you see a distribution-like structure. Your bias should be clearly bearish.
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If it does make another up thrust, this broadening wedge should get your attention. That can be really nasty.
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What I am essentially showing here is that you don't have big bullish structures. You have the opposite. You have a broken parabolic trend. You have a distribution-like range. You have a broadening wedge.
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Or this is probably a better interpretation of the wedge. Distribution has many shapes. Not always horizontal.
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If you start to see lower highs here, probably GG.
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This for me is one of the biggest mystery charts in crypto.
Which way is it gonna break out?
Which way is it gonna break out?
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630 day range as of now. Really really important.
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Yeah held the support. No interesting bullish pattern to support a breakout though.
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This red line is the current value of 200w EMA. Interesting but too early to talk. And I'm not sure how important it is because ETH is not that old.
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Update. Came down to the range with significant pressure. We'll see. Bitcoin's range makes more sense.
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If something is gonna hold ETH I think this is a good candidate.
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1450. I mean not great but it's definitely something.
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This is another top structure. Everything says top top top for crypto.
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But always be skeptical. The size of my short would be enormous if this happens.
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Big support for ETH/BTC. It might bounce big here.
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If I had to choose a long between ETH and BTC right now for short-term, it's 100% ETH. As long as it holds this support. But I choose to be short on both for a bigger timeframe. So not my problem :D
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Not good.
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Dangerous pressure on ETH/BTC too.
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I love how beautifully these channels work.
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Nice. It wants go. And it will if it can break the horizontal.
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But look at the daily. Dangerous.
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This is freaking beautiful.
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Turns out it was exhausted. Support channel is lost. $1500 first. Then probably fibonacci 0.5 $1400.
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It's a bit weird though. The top is huge. That suggests confidence for bears. But the resistance around $1670 makes me uncomfortable as a bear. I feel like it must be destroyed on the daily chart then the real dump should start. But we will see. The market is clearly bearish atm.
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This is what I meant. Possible.
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ETH/BTC is not good atm. I see easy -5%.
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And breakdown to the range low seems more likely after that.
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Pfff do something...