New thread for me to watch Ethereum. Previous view was boring. Better art style.
코멘트:
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.
코멘트:
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.
코멘트:
If it does make another up thrust, this broadening wedge should get your attention. That can be really nasty.
코멘트:
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.
코멘트:
Or this is probably a better interpretation of the wedge. Distribution has many shapes. Not always horizontal.
코멘트:
코멘트:
If you start to see lower highs here, probably GG.
코멘트:
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?
코멘트:
630 day range as of now. Really really important.
코멘트:
Yeah held the support. No interesting bullish pattern to support a breakout though.
코멘트:
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.
코멘트:
Update. Came down to the range with significant pressure. We'll see. Bitcoin's range makes more sense.
코멘트:
If something is gonna hold ETH I think this is a good candidate.
코멘트:
1450. I mean not great but it's definitely something.
코멘트:
This is another top structure. Everything says top top top for crypto.
코멘트:
But always be skeptical. The size of my short would be enormous if this happens.
코멘트:
Big support for ETH/BTC. It might bounce big here.
코멘트:
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
코멘트:
Not good.
코멘트:
Dangerous pressure on ETH/BTC too.
코멘트:
I love how beautifully these channels work.
코멘트:
Nice. It wants go. And it will if it can break the horizontal.
코멘트:
But look at the daily. Dangerous.
코멘트:
This is freaking beautiful.
코멘트:
Turns out it was exhausted. Support channel is lost. $1500 first. Then probably fibonacci 0.5 $1400.
코멘트:
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.
코멘트:
This is what I meant. Possible.
코멘트:
ETH/BTC is not good atm. I see easy -5%.
코멘트:
And breakdown to the range low seems more likely after that.
코멘트:
Pfff do something...