Another Technical Analysis class!
Hello investors! So, the volatility increased a lot here on ETH recently! Let’s see what the chart tells us now. But first, if you missed my last ETH analysis the link to it is below and remember to follow me to keep updated about our trades and analyses!
Now, let’s continue our studies from where we stopped yesterday. I warned you guys about this inverted H&S pattern and I firmly believed that this was what ETH needed to hit its main goal, the blue line at $ 252. This scenario was accomplished with astonishing precision, and it left a Harami after it did what seems to be an exhaustion bar.
But the technical analysis class is not over yet, ETH has more to teach us. After today’s crash, ETH found a support at the pink line, and we need to zoom out to the daily chart to see why this pink line is here:
Oh, ok, so the pink line at $ 227 is a previous top, which is now a natural support for the price. Even the $ 252 was not a random target defined by me. No, it’s the market that always tells us what to do, and the $ 252 is just another one of its previous tops.
We are still in a bull trend, as ETH is trading above the pink and yellow lines, above the 21 ema (which is pointing up), and above the purple trendline. As usual from bull trends, any pullback to one of its supports should be considered opportunities to buy. This recent increase in volatility don’t scary anyone here, and a well-prepared trader should study the chart very well, so one can see the opportunity during turbulent times.
Nothing changes for now, but since ETH just hit our target, we can expect some pullback. It would be natural, and a desirable movement, to attract new buyers and give the price more strength to keep going up.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
Now, let’s continue our studies from where we stopped yesterday. I warned you guys about this inverted H&S pattern and I firmly believed that this was what ETH needed to hit its main goal, the blue line at $ 252. This scenario was accomplished with astonishing precision, and it left a Harami after it did what seems to be an exhaustion bar.
But the technical analysis class is not over yet, ETH has more to teach us. After today’s crash, ETH found a support at the pink line, and we need to zoom out to the daily chart to see why this pink line is here:
Oh, ok, so the pink line at $ 227 is a previous top, which is now a natural support for the price. Even the $ 252 was not a random target defined by me. No, it’s the market that always tells us what to do, and the $ 252 is just another one of its previous tops.
We are still in a bull trend, as ETH is trading above the pink and yellow lines, above the 21 ema (which is pointing up), and above the purple trendline. As usual from bull trends, any pullback to one of its supports should be considered opportunities to buy. This recent increase in volatility don’t scary anyone here, and a well-prepared trader should study the chart very well, so one can see the opportunity during turbulent times.
Nothing changes for now, but since ETH just hit our target, we can expect some pullback. It would be natural, and a desirable movement, to attract new buyers and give the price more strength to keep going up.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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