We are soon coming out of a period of balance and there will be volatility in some direction, most likely upwards in my opinion. I say upwards not only because of lack of acceptance into value area (which I defined as from the beginning of this major rally until now) and continuation of current trend, but also because bitcoin is having trouble closing above $1,200 as seen here:
Currently bitcoin and ether are inversely correlated.
I've actually already jumped the gun and bought ETH between $42 and $45 but I'm prepared to sell if price trades under trend line, closes a 1hr bar under $41, a 1d bar under $42, or if bitcoin closes a 1hr bar above $1,200.
評論
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Bitcoin just closed a so-so 1hr bar above $1,200, however ETH is holding strong despite the rally. The correlation between bitcoin and ETH has pretty much broken down, which is bullish for ETH imo.
I'm still watching the $42 and $47 price levels for confirmation on what my next move will be and I still think new highs are likely. ETH could remain in balance for up to another three days but could break out at any time. Until then I'll continue to hold the coins I bought in this balance range.
評論
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Just had a 1d bar close at $46.5 leaving a decent topping tail over $47. If the price breaks $47 again and closes a 1hr bar over $48 I believe ETH will make a new ATH.
交易進行
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1hr bar just closed at $48.4. New ATH in the coming days. Target is around $60
交易結束：目標達成
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$60 reached
評論
RonNguyen
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This week we all clear
psbforex100
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are those volumes indicaters poping out from the right of the chart
trade_ghost
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@psbforex100, Yes they are indicators of volume at price level with each bar representing a $1 range. The blue section represents 70% of the volume, known as the value area. This isn't exactly the most conventional way to use market profile since I kind of arbitrarily set the range from the first day of this rally (which according to me is 2/14) to today.
psbforex100
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@trade_ghost, whats the indicator called
can u use it for currency
trade_ghost
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@psbforex100, It's called volume profile. I've never traded forex but it does work for cryptocurrencies. If you have thinkorswim there's a way better version called monkey bars where it also tracks time spent at price level, a much more useful piece of information. This site only gives you volume at price level. The best way to use it is 'session volume' on a 1d. Lots of videos on youtube explain what kind of patterns and behavior to look for with market profile / volume profile / value area.
@psbforex100, i think you have to e a paid member, it doesnt find when i type it in
trade_ghost
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@psbforex100, You might be right. You don't have to search for it though since it should be on the left side after you bring up the indicators menu, above fundamentals.
Bartholomew_Brick
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Can you let us know when any of those things you mention happen and/or what you decide to do? :)