ETH, 4HR -- Nothing looks interesting!

2019年3月13日

ETH 4HR, is there a trade here?

Technicals:

-Orange dotted Primary dotted trendline, 2-data-points on extended wicks.
-Price distribution is spending more time below the POC then the above the POC (BEARISH).
-There are two long red wicks where lower prices were probed and subsequently succeeded. Learn from this because this can happen as we probe higher prices.
-Overhead solid green resistance trendline is still holding, 3-data-points (confirmed) (BEARISH).
-Bear Pennant price distribution forming (Bearish, because of the long red wick, FEB 24 as a theoretical pole).

Conclusion

This is a very difficult chart to get a read on. The price action is manic like BTC. Safe to assume BTC and ETH will track together as they are so heavily correlated. I feel that the price is comfortable tracking slightly above 140.xx. There no reason that ETH shouldn’t try to reach #140.xx or the green overhead resistance before retracing back towards the primary orange dotted trendline. The next HVN is at price $122 - $124 price area or close to the .50 Fib price level. A volatility squeeze could move ETH $14.00 in either direction (probability lower). The .618 FIB at $136.86 is acting as resistance (not significant). ETH is trading neutral to bearish. I am expecting more range trading between $124 - $142.

Treading Ideas:

Seek your entertainment elsewhere, for now (1-2 weeks).

What’s Biff doing?

I cannot see myself buying at this level as there appear to be some better prices waiting to manifest, soon. A break below $126 could see us trade the next lower HVN (supra). The orange primary trendline needs another support data point for credibility. This manic price distribution is something to shy away from until a better trend can develop. There is no trade here for a swing trader seeking 20-percent profit in the short-term (1-3 months).

Best,

Biff

Don’t forget to hit that like and follow Biff for more charting fun and money-making opportunities!


Housekeeping:

I use green trendlines for overhead resistance price levels.
I use orange trendlines for support price levels and to show price distribution patterns.
I use an orange dotted trendline to indicate the Primary Trendline and a dashed orange trendline to denote the secondary trendline.
My charts have a volume bias.

Indicators:

Fibonacci retracement
Volume Profile
Volume

The data calculated Is contained in the chart area. If you expose the chart to more or less data, the Point-Of-Control may move to reflect the addition or subtraction of new data.

Nomenclature:

POC – Point-Of-Control is the price level for the time period with the highest traded volume.
VP – Volume Profile displays trading activity over a specified time period at specified price levels.
HVN – High-Volume Nodes are peaks in volume at or around a price level.