Chart says it all. There's a small Cup & Handle potentially forming, and the neckline roughly coincides with the Ichimoku Cloud.
코멘트:
Also have a nice bullish divergence on the daily chart:
코멘트:
Also have a divergence on the 1hr chart, with a nice support from the cloud for the handle to complete...
코멘트:
One thing we don't have though, is the volume pattern typical of a cup & handle. This is also very short term so it's not the strongest cup & handle pattern in world. But keep an eye on it anyway.
코멘트:
divergence on 15min chart as well:
코멘트:
Watch that minor sell wall on poloniex - if we get to 0.052 we're pretty clear for takeoff until another minor wall at 0.0520
코멘트:
Sorry I meant if we get to 0.0502 we're clear to 0.0520
코멘트:
broke that little wall, orderbook starting to look more bullish (although I know you shouldn't really go by that since it can change at any moment)
코멘트:
starting to climb...
코멘트:
코멘트:
and in the short term we've got a bearish divergence on BITCOIN 15m which helps our case...
코멘트:
Trying to break through that line right now:
코멘트:
BTC crashing a little more, ETH broke that line:
But watch BTC carefully, stochastic is pretty low across multiple timeframes so it may start rising again temporarily
But watch BTC carefully, stochastic is pretty low across multiple timeframes so it may start rising again temporarily
코멘트:
Getting close, just peaking above the cloud now:
코멘트:
Hit right up against the neckline but couldn't push through - let's see if it does another smaller C&H next or if it fails. I'd expect some relatively significant downside if it does fail...
코멘트:
I'm going to say this target has been reached, although not exactly as I originally drew it - I usually put my target line on the same angle as the neckline, and I neglected do that in my original drawing.
I redrew the handle to reflect the latest price action, and updated the target line to match the neckline angle, and it seems the have reached the target perfectly before pulling back a bit:
I redrew the handle to reflect the latest price action, and updated the target line to match the neckline angle, and it seems the have reached the target perfectly before pulling back a bit:
코멘트:
Where it goes next will probably have a lot to do with bitcoin - but if my theory that it's in the middle of a dead cat bounce is correct, ETH will probably at least reach the previous high/red fibonacci level pretty soon.
Will update if I spot anything else.
Will update if I spot anything else.
코멘트:
This is one possible scenario I'm seeing:
코멘트:
If it's going to do it, it's happening soon...target is a little lower now though (around 0.055)
코멘트:
Damn! Was doing pretty well but it broke down when bitcoin started to rise.
Will re-evaluate
Will re-evaluate
