ETH 5 Minute Chart
On the 5 minute chart ETH has showed excellent strength as it has ascending the indicated channel over the past 24 hours. There were several significant trading opportunities within the channel as ETHUSD has been consistently offering pattern based plays such as symmetrical triangles and bull flags on the smaller time frames.
ETH 15 Minute Chart
The 15 minute chart is very similar to the 5 minute chart today. Very strong and healthy growth on a steady uptrend, complete with intrapattern consolidation. Strong and healthy. Watch for the break of the channel for any bearish entries, but make sure you note the support levels before taking any positions.
ETH 60 Minute Chart
The 60 minute chart has continued to show respect to the broadening triangles, show in the red dashed lines. These levels are areas of support rather than black and white levels, which we can see as the price found resistance before breaking above at 2000 hours, with a back test at 0200 before continuing a strong climb up. ETH managed to close above and successfully back test the 296.55 level and close above the broadening resistance. Watch for confirmation on a channel formation on the 60 min time frame.
ETH Daily Chart
Yesterday we noted to watch for a a close above the unconfirmed channel levels to indicate a change in market direction. This was a timely statement as the ETH price closed above this potential channel in a strong bullish move. Conservative traders will wait for a confirmation of this break. While a backtest of this level should not be unexpected, the bulls are in clear control.
Just wanted to say thanks.
Your videos have helped me a ton while entering into cryptospace. I'am just starting to trade in babysteps and your video were crucial to understand whats going on. Planning on becoming a part of your community soon.
Keep up the good work!
Thanks again for a great analysis. Definitely been really happy with the bullish trend lately. Bought a bunch when it was around $240. Trending the general trend seems to be pretty nice, now I just need more practice with scalping...
Prolonged trends are nice! I like to be comfortable to look away.
Yup, I'm incredibly bullish on ETH and this makes scalping a lot less stressful when you're thinking of buying low and selling high. The other way around can be more stressful and I've definitely been more burned try to sell high and buy low than buy low and sell high. Btw, I've only recently got into ETH and Forex for that matter, and watching your technical analysis videos have really helped me on becoming a better novice trader :)
Good Stuff Guys! #coinlife
Whats your opinion on the channel that we have been in on the logarithmic scale since $7.00 for eth? We have spent 6 months in this channel, do you think it can hold? thanks!
Think it's awesome you guys are supporting STEEM. With that said the YT videos were a little bit easier to follow for a newbie. Especially for the fact when full screen you could read the charts.
Is there a way to make the embedded screen shots higher resolution or clickable to maximize them?
I haven't posted on here so don't know. Again thanks for all your work. I have learned a ton. After a few weeks of doing this I think it's time to join up as your free stuff has made me money.
Glad they help. We will still be doing the videos. Not sure about resolution as we are new to the space as well and still gaining an understanding.