MagicPoopCannon

Creeper Ether Breaks Beneath Her Glass Floor Like A Trap Door

BITFINEX:ETHUSD   Ethereum / Đô la Mỹ
Hi friends! Welcome to this update analysis on ETHEREUM! Let's get right to it. Looking at the four hour chart, you can see that ETH remains trapped inside of a big downtrend channel (black channel.) After forming a small head and shoulders pattern, just above the 200 EMA (in purple) ETH rolled over to the downside, surpassing the 61.8% retracement level, which was the target for this particular head and shoulders pattern. Since we are now below the target area, we're kind of in no man's land, in terms of technical indications. Looking at the MACD , and see that it's continuing to expand to the downside. Additionally, it has just broken below the zero line, which is as technical sell signal in itself. However, a significant down move has just occurred, so perhaps ETH will consolidate for a moment. Let's now stand back, though, and look at the broader picture. I see big peaks and rollovers forming. you can see the obvious peak and rollover at the all time high, and then the one in the middle of the channel. The look of the current price action suggests that we're forming another rollover that is similar to the last two — each of which generated a retracement to the bottom of the downtrend channel . I'm not saying that we're going to drop to the bottom of the Chanel right now, I'm just showing you that it's possible, given the overall look of the chart. If ETH continues to drop from here, the 770 level should be the next support. Beyond that, ETH could see the 78.6% retrace. Something that is interesting to point out, about the mechanics here, is that ETH rolled over very sluggishly, before it even reached the top of the channel. Compared to the other two peaks, that definitely shows a decrease in strength. Currently, the volume is primarily red, and we appear to be creating a series of small bear flags as we continue the descent. If ETH pops to the upside from here, the 61.8% retrace will be initial resistance. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. Au revoir.

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!

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

-MPC loves you-

-JD-
I am learning, thanks to you! I updated my published chart with my thoughts on this potential H&S a couple days ago. Said I had a long position but might short if 911 neckline didn't hold...
Was surprised to see price action fall below the 840 target so quickly but alas. I'm all out now, waiting for a smart entry. Have my eye on multiple support/resistance zones I've made note of.
How probable do you think a touch to the long term support line is? I call for pretty soon. We didn't quite touch it in the last correction (at least not on my coinbase chart). That's down around $600 right now. I'm still not practices in drawing fibs. Does this price coincide with any longer-term fib levels?

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SHiiit. I didn't know MACD can be usefull. Vary vary nice.
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Hey @MagicPoopCannon, all your work is appreciated. Not only is it fun to read your poop, but your analysis has helped me learn some poop. Any chance you could take a look at my chart and give your honest opinion? Poop on me if it's just plain stupid, but I would love to hear your why or why not about my noob idea. Thanks in advance!

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M. Because you have so many followers ( and rightly so ) id like to mention something to the newer people that's exceptionally important. Anytime you enter or exit a position ALWAYS use a limit order or you'll be be the sucker ever time. We have a small deep value fund and that's how we enter our buy orders even at the deep level area. Good luck to all.
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PatrickBoutin london55555
@london55555, Are you recommending to do limit orders as opposed to market orders? would you mind explaining why? also what about stop loss instead of limit orders? Thank you in advance!
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london55555 PatrickBoutin
@PatrickBoutin, Hi yes limit orders because otherwise you will ALWAYS get filled at the high price showing and on Coinbase for example the "spread" can be large at times. A stop loss is a different animal. You need to know the difference before trading crypto or stock and it's easy to find info on You tube etc. Good luck.
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BethanyJoy PatrickBoutin
@PatrickBoutin, @london55555, also, with limit orders you avoid fees, as you are the maker of the order, not the taker (at least on GDAX where I trade). Market orders and stops without limit prices incur fees. There's great info on the GDAX site about this, for anyone seeking more info.
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Very nice!!! Similar to mine.
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Some updatee please?
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I guess the flippening is not happening!
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