MagicPoopCannon

The Bears Are in Control — Ethereum! (ETH)

BITSTAMP:ETHUSD   以太坊 / 美元
Hi friends! Let's take a look at Ethereum! If you recall from my last post, on ETH, we were hanging out near the "previous high" resistance. We noted how ETH was having trouble breaking above that level, and we discussed how a failure to rally above that resistance, would likely send ETH lower. As you can see, it failed to get above, and then quickly rolled over. Also, several days ago, I proposed that ETH was forming a head and shoulders pattern. Today's drop filled the right shoulder perfectly, and gave us a confirmation breakdown as well. We can see that once the 50 EMA (in orange) was broken, ETH quickly violated the bottom of the uptrend channel (in green) and fell all the way to the 200 EMA (in purple.) You can see that price actually pierced the 200 EMA , but hasn't closed below it yet. Lookng at the MACD , we can see that there has been a tremendous expansion in downside momentum, and sell volume is dominating the chart. So where do we go from here? Well, it all depends on how ETH responds to the 200 EMA . According to the technical data, the sellers are still in control of ETH, so the bias remains to the downside. Until we start to see a reversal on the MACD , a reversal on the chart, a hold of the 200 EMA , or some signs of life from the bulls — the highest propability trade is to the downside. If the 200 EMA is lost, look for initial support to come up around $892. Below that, ETH could slide to the $850 handle, and then, the real prize would be the 61.8% retracement level, at about $777. On the upside, the bulls need to rally off of this 200 EMA , and try to get back into that uptrend channel ... Yeah.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media! Good luck trading everyone. Peace!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-
@MagicPoopCannon Price has crossed the 200-EMA so is this looking positive? Are we likely pursuing an uptrend now? FYI your analyses are the best. Saved me a bunch.
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looks like its oversold now.
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What size candle sticks do you suggest using? Also regarding interval of EMA. Do you consider 50/200 to be optimal? What about 100?
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We might be ready for the bounce. Good chart btw!

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@Jelmerrr, Thank you! And thanks for sharing! -MPC-
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Doing the exact same trick NXT did last month.
great rally towards hard fork, then a couple of days before - a big sell from opportunistic pumpers.
the saps left with the ETH will make peanuts on the ETZ they are going to get, whilst the real traders ran off with the real gains.

Make learn for next hardfork :)
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Great post, Thanks!
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Really curious how you plotted the retrace and which one you used. The only one I could see applying is a Fibb from the beginning of the rally 12/8/17 to the peak on 1/13. Thank you for your commentary! Great work :)
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@losinov, That is absolutely correct. Thank you for commenting! =D
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Thanks to help understand the correction
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