ETH Bull Trap or Bull Breakout, Part 2
So far ETH has been following the red line version, but it's certainly not game over yet for the ETH bulls. This is because so far it has been moving in the shape of a possible ABC correction. But the green and red line i showed a few days ago, both version showed that possible ABC, where the green one (staying above 204ish) would be the ABC version while the red would be the Bull Trap version. But as long as we don't see a big volume break of that green zone on the left, it can still go both ways. But goes without saying, that at the moment the charts tells me the bearish version is in favor now.
Last update from my previous analysis:
As posted in my Bitcoin analysis hour ago, alts really fell behind on Bitcoin, price went just above the 210ish, but once again it was just a stop hunt (something ETH does a lot. For now i would say, it needs to get above 206/7, otherwise the red line from the left is in play
On the right i have also drawn a curved line, of which i think might be real. So instead of looking at that black trend line, think if the bulls break the curved blue line would already be a win for them. At the moment it looks that level is around 208/210.
Also what i want to show is, those yellow zones, which were resistance zones (both times i mentioned them upfront) but both times price pierced through them. Now in hindsight it's obvious, that was only done to stop hunt shorts and fill up shorts (or close longs). Only problem is, are whales doing this for the short term or for the big picture. So same question as the beginning of the analysis. So even though it looks pretty bad here for ETH, as long as we don't see a dump through that green zone on the left, bulls still have a chance.
So think the blue curved shape line is my guideline here:
Below it, bears are in favor.
Above it i think it's neutral.
Above 212 (today's high), think bulls slightly in favor, because today that was a stop hunt zone, so above it would be in favor of bulls i think.
Above 215ish would say bulls are even more in favor
Above 220, which i have been mentioning as THE key level for the bulls, would say this whole move was just an ABC correction and we should see more bullish movement.
Don't forget to like if you appreciate this :)
Previous analysis:
Last update from my previous analysis:
As posted in my Bitcoin analysis hour ago, alts really fell behind on Bitcoin, price went just above the 210ish, but once again it was just a stop hunt (something ETH does a lot. For now i would say, it needs to get above 206/7, otherwise the red line from the left is in play
On the right i have also drawn a curved line, of which i think might be real. So instead of looking at that black trend line, think if the bulls break the curved blue line would already be a win for them. At the moment it looks that level is around 208/210.
Also what i want to show is, those yellow zones, which were resistance zones (both times i mentioned them upfront) but both times price pierced through them. Now in hindsight it's obvious, that was only done to stop hunt shorts and fill up shorts (or close longs). Only problem is, are whales doing this for the short term or for the big picture. So same question as the beginning of the analysis. So even though it looks pretty bad here for ETH, as long as we don't see a dump through that green zone on the left, bulls still have a chance.
So think the blue curved shape line is my guideline here:
Below it, bears are in favor.
Above it i think it's neutral.
Above 212 (today's high), think bulls slightly in favor, because today that was a stop hunt zone, so above it would be in favor of bulls i think.
Above 215ish would say bulls are even more in favor
Above 220, which i have been mentioning as THE key level for the bulls, would say this whole move was just an ABC correction and we should see more bullish movement.
Don't forget to like if you appreciate this :)
Previous analysis:
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