#ETH Volume Analysis Prediction 8/08/2018
On the chart Ethereum looks weaker than Bitcoin. ETH reached level 358 and it’s minimum of 2018 (BTC is still above its minimum year). Numerous elements had contributed to that situation. First of all – wide balance (indicated on chart, range 400-482) goes down. Down impulse started, so we in priority of sales for now. Second – before the breakdown, we saw the formation of mini balance in the form of a descending triangle. It’s often inicates an impending break down.
What to do now and where to expect the bottom? Now we are seeing the stoppage of price movement after the first fixing. But bull reaction is too weak so with a high probability the market will continue to fall. If the minimum of 2018 will be break down, next strong support level – 300. This price is not attractive for ETH miners, so buyers need to take the initiative into their own hands.
Trade recommendations:
Ticker: ETHUSD
Exchange: Bitfinex
Short-term signal: Short (margin account only)
Entry price: 400-409 (conservative), 380 (aggressive)
Take profit 1: 380.5
Take profit 2: 360
Take profit 3: 301
Stop loss: 415 (conservative), 387 (aggressive)
Glossary of terms
What to do now and where to expect the bottom? Now we are seeing the stoppage of price movement after the first fixing. But bull reaction is too weak so with a high probability the market will continue to fall. If the minimum of 2018 will be break down, next strong support level – 300. This price is not attractive for ETH miners, so buyers need to take the initiative into their own hands.
Trade recommendations:
Ticker: ETHUSD
Exchange: Bitfinex
Short-term signal: Short (margin account only)
Entry price: 400-409 (conservative), 380 (aggressive)
Take profit 1: 380.5
Take profit 2: 360
Take profit 3: 301
Stop loss: 415 (conservative), 387 (aggressive)
Glossary of terms
- Point of Control (P O C) – The price level for the time period with the highest traded volume .
- Value Area (V A) – The range of price levels in which a specified percentage of all volume was traded during the time period. Typically, this percentage is set to 70% however it is up to the trader’s discretion.
- Balance - Accumulation Area.
- F L - flat level.
- T L - trend level.
- Fixing (fix, culmination) - reverse price reaction then the markets stops i'ts movement for a short time. The trend stops when it passes through 2-3 fixing movement.
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