- Monthly & Weekly recap
- 4h - 240 min
A picture is worth a thousand word. I won't take too long to explain the title. Double bottom shown on this ETH/BTC graph says it all. Price has now climbed to it, and if it succeeds passing above it, it may very well overpass all long term resistances and definitely overpass bitcoin movement. That been said, let's now talk Ether !
1. Monthly & Weekly recap
Those last two months has been very proliferative for ETH with +100% until now passing over long term downward trend line and Kijun resistance.
The weekly time unit show a similar picture with the price now evolving above Ichimoku's cloud and Tenkan trying to overpass Kijun. At this very moment, limitation is made by Chiku Span blocked by the trend line, but the open window into the cloud will let Kijun and Tenkan climb easier to join the price over the cloud. Then Chiku Span would be free to move until 400$ resistance represented by SSB.
Daily price climbed a very steep parallel channel, broke over it and is having some hard times those very last days. Numbers may be flashing red, we're for now only retesting the channel. We may have an uptrend confirmation if the price rebound on the previous channel, or it may also wisely come back into this channel to go on the growth.
A rebound would represent a new entry sign, but a pull back into the long channel wouldn't be signal to step out. As this long channel may very well represent the healthiest climb, it is only in case of a break under the long channel that I would consider to temporarily/partially step out of the market.
3. 4h - 240 min
Coming to the short term now, we can better understand the underlying movement. Right after crossing the monthly resistance the price entered a new angle/fanion. This is a good sign as it takes a breath that could lead a new massive uptrend after having struggled for this very important path !
I am truly convinced we're having a strong long bull run. If you have entered the market at my very first signal, you would had the opportunity to make +104% on your investment. However, it is not the moment to fall asleep but to keep eye on it not to lose this magnificent climb. Here are my limits :
Entry : price breaking and closing above 4h angle/fanion around 286$
Stop loss : SSB weekly also representing a downward exit of the long term channel around 222$
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