Crazy climbing ETH is getting ready next move up!

Crazy climbing ETH is getting ready next move up!

Hi guys!
Welcome to a brand new and exciting ETH analysis!

Last time, we made some amazing profits and got some pretty good insight into the price action happening in those crazy moves upwards yesterday as it climbed 13%. I hope you can join me in this adventure of charting once again and look towards the $184 target for January.

Have a look at this sprawl of lines over this price chart. Pretty simple. Pretty effective. That green trendline is what makes me think we’ll see some more support coming upwards in the coming days as that’s been pretty instrumental in the beginning of the last big move up.
The interesting thing about the most recent moves is the consistent bear traps before pumping, which I have highlighted in blue here. Looks like we would have made a big old bull flag at the top of the last big move where I posted the last chart of my previous analysis, if it wasn’t for that double top pushing us down. The target of that double top was hit pretty normally, and of course a rally is natural after all that pumping from one day. I believe this is a very healthy correction and we could continue upwards after a bit of sideways movement. The blue area could be a fractal of those bear traps within a bigger bull flag once again.

That brings us to the red and green line, which shows the support and resistance from the double top , which will hopefully give way to a double bottom in the near future. My prediction is we’ll go sideways within that range, possibly with some bull and bear traps, until the green and subsiquently purple resistance-turned-support trendlines reach the price and start acting as resistance levels.

You can see a possible EW count on the chart, which looks pretty good to me because there’s clearly 5 subwaves within each wave and we can easily imagine wave E taking us somewhere, but who knows how high at this point? Don’t worry though, that’s why I’m here to guide you as we start to see some big movements in either direction.

The orange line at the bottom is the biggy to watch out for in the long run, where we had our double bottom from the first analysis. I’m going to keep it here for now as an important reference point. We’ll also be keeping an eye out on bitcoin to try to study the effects that might have and predict using that chart, so please have a look over there as well since I’ll be updating both pretty frequently.

Thanks for reading! Don’t forget to leave a like and don’t be shy to comment what you think belo 🙂
-Etch

Previous analysis:

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Published at Tue, 18 Dec 2018 19:13:27 +0000