Ethereum is trading at 396 after finding a bottom, and offering higher lows since. Based on this being the lower predicted support I am hoping for an up move soon. As it stands, cryptocurrency has been struggling. However, the candlestick behaviour of Ethereum over the last 24 hours has been promising and this opportunity could give us a nice opportunity to buy.
I am expecting Ethereum to have a small pop to the upside, but this is based on some conditions being met first. We need to see price break the consolidation resistance (as outlined on my chart) at 405, and retest the consolidation resistance as a new support before considering a trade. If price retests at 405 it is EXTREMELY likely that price will rise very nicely. This is entirely due to price not only retesting the consolidation resistance as a new support, but also there is a long term downtrend side-wards resistance line which will be tested as support at the exact same level. For this reason, 405 is the sweet spot we should all be watching for.
Always remember, a trader who posts an analysis which is biased and goes wrong, is NOT trading properly. A biased sentiment is good, IF you have considered the other side of the trade, which a lot of the authors do not consider when making their analysis at all. Any professional trader should not be posting an analysis that goes the complete wrong way without them also mentioning a contingency. If they do this, they are NOT professional traders! If you charted like some do here in a bank, you would be sacked after 1 trade.
Remember guys, trading is not magic nor alchemy. Trading is simply the act of trading what you see, and not what you think. Anyone saying otherwise is already thinking emotionally, and emotions in trading are NOT welcome for legitimate financial success!
I will update this analysis when I receive above 40 likes.
I've seen a lot of ego in financial institutions, and they always end up underperforming.
Anyone here who claims to be "the best" is probably the worst trader.
An entertaining read is always good, but the market doesn't care for entertaining people at all and will ruin anyones portfolio without a care in the world.
People need to be very careful who they trust with their analysis. And people need to choose an entertaining read or a proper analysis.