ETH - Bullish Pennant - Break of $710 leads to $818 or higher
ETH has formed a bullish pennant here. it's pretty straight forward here. The market will follow what Bitcoin does within the next day or two. If Bitcoin breaks up expect ETH to follow its lead. If Bitcoin breaks down, expect it to follow as well.
If you want confirmation on this trade, then I'd wait until the resistance at $710 is broken, or even to the upside of this triangle.
Higher time frames are pretty oversold on the Stoch while still in bullish territory on RSI. I'm bullish right now and am pretty sure we'll see a jump in the market. BUT, if we fall (which is possible), then I'd just stay away for now.
If you want confirmation on this trade, then I'd wait until the resistance at $710 is broken, or even to the upside of this triangle.
Higher time frames are pretty oversold on the Stoch while still in bullish territory on RSI. I'm bullish right now and am pretty sure we'll see a jump in the market. BUT, if we fall (which is possible), then I'd just stay away for now.
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The biggest argument I'm having with myself (lol) is whether or not this is wave 5 or wave 3. There are two outcomes to this possibility. Typically in prospect theory, people do the opposite of what they should. Very often investors/traders take profits too early, and hold on to losses for too long. That is what people are going to have trouble with within the next few months. When to take profit, and when to cut losses. Because we still have to understand that Bitcoin still has the option of going down to $3000.
The biggest argument I'm having with myself (lol) is whether or not this is wave 5 or wave 3. There are two outcomes to this possibility. Typically in prospect theory, people do the opposite of what they should. Very often investors/traders take profits too early, and hold on to losses for too long. That is what people are going to have trouble with within the next few months. When to take profit, and when to cut losses. Because we still have to understand that Bitcoin still has the option of going down to $3000.
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I'm seeing this option unfold with ETH.
I'm seeing this option unfold with ETH.
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The past 12 hours this market has been acting VERY funky. And everyone is a little TOO optimistic right now.
ETH is pretty overbought on the 3-4 hour time frames and needs a correction here soon. I think there is a chance it reaches $813, but not guaranteed. The 12 over is overbought and there are two cases of bearish divergence. The white line is hidden, and the yellow line has potential to finish bearishly depending on the next drop.
You may want to consider taking profit and looking for re-entry if it appears to be safe. But for now, because there is a lack of info, holding wouldn't hurt. Just make sure you all have breakeven stop losses in place. There is no reason to take a loss.
The past 12 hours this market has been acting VERY funky. And everyone is a little TOO optimistic right now.
ETH is pretty overbought on the 3-4 hour time frames and needs a correction here soon. I think there is a chance it reaches $813, but not guaranteed. The 12 over is overbought and there are two cases of bearish divergence. The white line is hidden, and the yellow line has potential to finish bearishly depending on the next drop.
You may want to consider taking profit and looking for re-entry if it appears to be safe. But for now, because there is a lack of info, holding wouldn't hurt. Just make sure you all have breakeven stop losses in place. There is no reason to take a loss.
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I expect that the ETH will be pretty sideways the next couple days. So far its bounced off the 30 min 55 EMA (3 hour 13 EMA). It should retest it, and its possible we stay up and wait for the 3 hr 55 EMA to catch up like it did on the similar run to the left.
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The original $818 target 1 has been met!
The original $818 target 1 has been met!
Two scenarios for ETH. One takes us to $868. The other takes us to $937.
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