ETH & BTC - Why I am still bullish

ETH & BTC - Why I am still bullish

By BlessPatrick | Crypto Switzerland | 31 Jan 2020


Plan

  1. Quick articles review
  2. BTC overview
  3. ETH overview
  4. Conclusion (and forecasts)
  5. I need your help

Quick articles review

Around ten days ago now I've written two articles explaining my new of the market, showing where the resistances/supports are and the stop losses I would consider. You may find those articles using the following links, as I won't come back on the very long term targets. Those last ones haven't changed for now.

  1. BTC/USD - New bullrun possibly already began
  2. ETH/USD - New bullrun possibly already began

I highly recommend you read those two as it will help you understand what comes next.

BTC overview

Weekly

BTC/USD - W - clean

Price has firstly crossed SSB weekly to then retest it as a strong support and is now limited by Kijun weekly, both the strongest resistances/supports Ichimoku can show up.

BTC/USD - W

When we add the monthly resistances/supports, we realise that Kijun W has been reinforced by Tenkan M. This last one is usually not a strong support, but when we're evolving into its own time unit. But if we check a shorter one, it may gain some strength, and we will see on the 4h TU how it did well to put the bull on hold.

Daily

BTC/USD - D - Long
BTC/USD - D

Price broke up with enough power the long term resistant trend line that had been built since 26th of June 2019 !A very long and important one. It is now supported by its upward trend line and already followed two bullish flag movements. And I am convinced it is building up the third one.

BTC/USD - D - Bullish flags

And this next one may have the strength needed to definitely cross Kijun W/Tenkan M. In that case, next objective is clearly Kijun M at 11'300 $.

4h/240 min

BTC/USD - 4h

This last graph for BTC isn't necessary as we're now going for longer term investment, but it can be interesting to place clever stop losses one the short term inn case this whole theory falls down. For the stop losses, I refer you directly to the conclusion on of the article wrote last week, BTC/USD - New bullrun possibly already began, and go directly to the conclusion where I explained in detail my strategy.

Nevertheless, this view is interesting for a few other points. First, on a long term bull run, price may show signs of weakness on the short term, it doesn't mean the trend is already over, but here comes the importance to set up good stop losses ont to step out of the market too soon and only because of a short movement.

Secondly, it shows how a weak resistance on the long term and suddenly become stronger on the short term. Appreciate here how the price closed above Kijun weekly, but still couldn't overpass Tenkan monthly. But that point was only here for teaching. Now let's get back to business.

ETH overview

Monthly

ETH/USD - M

I will not stay long on this TU and only wanted to show it to bring to light that tonight ETH should close above its downward trend line by almost 7%. Just saying...

Weekly

ETH/USD - M

Lots of positive signs here. First regarding technical analysis, ETH is crossing this week a very long term downward trend line for the second time of its life.

Second, it is at the same time crossing Kijun W, a very strong long term resistance that may transform into magnificent support.

Last time it combined both, the technical upward break and the Ichimoku one, the price climbed up by 150 points ! And if it does it again, this will bring the price above monthly resistances !

Daily

ETH/USD - D

For the first time since 26th of June 2019, ETH finally broke up its parallel channel and wasn't stopped by Ichimoku's cloud this time. After crossing the cloud in just one day, it built a bullish flags pattern just as BTC. If it succeeds, next strong and difficult objective to pass will be SSB W/Tenkan M.

Even long term MACD turned bullish. I use it with modified inputs, a fast length at 50, a slow length at 100 and signal smoothing at 9. Those inputs allow me to watch the long term movement instead of the short term ones.

4h/240 min

ETH/USD - 4h

This view speaks for itself and I won't add much informations. Just maybe that we just crossed over Kijun W and are retesting it at the moment I'm writing this article. This is a sign of position reinforcement for the short term. Positions that can be maintained in case the long term movement persists.

Conclusion

I'll try to stay as short as possible to conclude this very long BTC & ETH mixed analysis. But it isn't hard to realise, if you had the courage to read me until this point, that I am clearly bullish on both positions. Here comes my forecasts for what's coming next, forecasts that will be valid as long as my analysis stand strong. In any other case, I'll publish alert notes on my Telegram channel as soon as it fails.

BTC/USD - W - Forecast

ETH/USD - W - Forecast

If you want more informations about my conclusions, you'll have the possibility to ask me in a short survey just a few lines here under.


I need your help

Crypto Switzerland is now online since some time, and the time has come to improve and get better. But to do so I would need all your help. Following the link, you will have the possibility to fulfil a survey, lasting non more than 2 - 3 min, that would help me analyse my work and improve it. Please give me that little help going to the survey : SurveyMonkey - Crypto Switzerland

Thanks a lot for your help !


Stay up-to-date on the free telegram channel in case of any emergency alert : https://t.me/BlessPatrickCryptoSwitzerland

If you like the articles please don't hesitate to tip as this encourages me to go further and share as much as I can. I am also open to any request on any analysis.


BlessPatrick
BlessPatrick

Offering crypto and precious metals analysis from crypto valley Switzerland


Crypto Switzerland
Crypto Switzerland

Offering cryptos analysis based on the trend market. You can always ask If you have questions or analysis requirement and I'll do my best to send them as fast as possible. For instant updates : https://t.me/BlessPatrickCryptoSwitzerland

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