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ETH Hit Our Long Target! Will it Dump?So our TA has been playing out perfectly over the past month. In my last idea, I posted about ETH having a pullback to the 1270 area before retesting 1430 for a possible double top. We only pulled back to the 1316 level but still hit my target of 1430 shortly afterwards. Now we're at a crossroads where there's two scenarios: 1. We either double top here at 1430 and retest the micro support of 1365 (pink line) or the major support near 1270 before finally breaking out past 1430 and testing the 200 EMA near 1525. 2. We continue upwards and test the 1525 level immediately and reject to the 1430 level before breaking upwards and through the 200 EMA into bullish territory. Right now I'm leaning towards the first option for a few reasons. We have bearish divergence forming on the Stoch RSI (which is also overbought), while the RSI is overbought as well. Now this doesn't mean we can't go higher, it just means these may need to reset a little before having the strength to push through this major resistance in order to effectively test the 200 EMA. With that said, I'm still in half of my long position from 1165 but I took a hedge at 1435 and plan to take half profit at 1365 and another half at 1270 if we get there. If you enjoyed my TA or had any questions about the indicators used, please leave a comment or send me a DM :)
Short
by CryptoScripts
ETH Long Target Hit! Where Are We Going From Here? It was only a few days ago when we made our ETH price prediction of 1430 and it already hit! Now I'm going to go over my next price prediction and where we're going from here! Indicators used: 200 EMA RSVP Extractor (my indicator you can purchase) Stoch RSI I mentioned in my last idea that our major price resistance for ETH was 1430. Now that we've hit it, I'm expecting a pullback to the 1270 level which was our previous resistance (now turned support). This can be validated from a couple things. First, our RSVP Extractor is overbought on the 8hr and the Stoch RSI is overbought as well (although it looks like it may want to have a retest of 1430 for a double top before coming back down so we'll have to see if that plays out). Either way, I'm expecting a pullback to 1270 at some point. If we end up breaking the 1430 level on ETH, my next major resistance will the 1550 level which coincides with our 8hr resistance AND the 200 EMA level which has show to be major resistance for the past couple of months. If we can break that, I STRONGLY believe we'll start our bull run again (at least for a couple of months). If we break below our support of 1230-1270, our next micro support is at 1165 and the major support is at 1040 (followed by 950 and 880 respectively). These are all of the levels I would be watching closely for longs or shorts: If you're looking for shorts -wait for a retest of 1430 then 1550 If you're looking for longs - wait for a retest of 1270,1165, then 1040 If you enjoyed my TA or have any questions about the indicators used, please leave a comment below or send me a DM :)
Long
by CryptoScripts
2
ETH Long Continues to Print!Our ETH long prediction has been playing out perfectly these past couple of days! Yesterday I mentioned my thoughts on ETH climbing to 1430 and that has not changed. Looking at the 8hr chart, we can see ETH has had a strong bounce off of the 1040 area (major support) and BROKE through our micro resistance of 1165 (which I believe we'll test again as support before retesting the 1220-1270 level). I believe we'll break through the 1220-1270 level within the next week and retest it as support (this will coincide with our Stoch RSI reaching the 100 level and cooling down for a few days) before finally reaching our target of 1430. There's been a lot of volatility in the market so it may not play out exactly as predicted but my narrative has shifted to a more bullish stance for crypto the past few weeks but I will continue to look for great setups both ways. If you enjoyed my TA or had any questions about the indicators used, please leave a comment below or send me a DM :)
Long
by CryptoScripts
ETH Holding Support!So far ETH has been respecting our S/R lines to a tee on the 8h chart and continues to trade in a channel. Currently I'm in a long on ETH from the 1040 area due to a few reasons: 1. ETH has major support near the 1040 area since June 14th 2. The Stoch RSI was extremely oversold and is now starting to curve to the upside 3. There's not much resistance until 1165, 1250, and 1430 Based off of our current price action, I'm expecting ETH to continue higher until we get to our micro resistance of 1165 then consolidate for a few days because attempting the push past the major resistance of 1230-1270 (red shaded area). Once we get past those levels, then it's clear skies to 1430 (our next major resistance). If we break down from 1040, our bearish targets are 950 and 880 (orange lines). I'm expecting those to hold and would be perfect levels to DCA if we have another capitulation event. If you enjoyed my TA or had any questions about the indicators used, please leave a comment or send me a DM :)
Long
by CryptoScripts
ETH Long Played Out Perfectly! From our previous idea post, we called ETH continuing the decline to 1046 (which we hit) then bouncing back to 1220 (which we also hit). I'm going to cover my thoughts for the next ETH move and where I think we're going from here! Based off of our previous analysis, I've been using my RSVP Extractor along with the Stoch RSI, two very power indicators. This, along with some support/resistance lines have allowed us to predict most of these moves. After ETH hit our long target of 1220 we saw another rejection (red shaded area) and I believe we'll hit a short term retracement to 1165 (8h micro support) which is also fueled by the double top on the Stoch RSI. Following this target, I believe we'll see a bounce to retest the resistance near 1220-1270 while ultimately breaking through to our bullish target of 1430. This level will see a lot of resistance as it's also the resistance on the weekly chart as well (1360-1430). Pending any bearish news, I can see this playing out within the next week or two. If you have any questions about my TA or the indicators used, please comment below or send me a DM :)
Long
by CryptoScripts
We Called The ETH Short!On our last post, we talked about or quick short position on ETH from 1220 and we actually hit our target of 1136! I'm going to cover my next price prediction along with some TA I used and indicators below: To predict our ETH short, we used the RSVP Extractor and the Stoch RSI along with out support/resistance lines. Based on the 8hr chart for ETH, we saw that every time there was a red diamond on the RSVP Extractor and the Stoch RSI was near 100, the price of ETH would decline approximately 7.5%. This initially gave us a price target of 1136. Now seeing that we dropped below that, our next price target is 1046. This is based off a couple of factors. First, the 8hr support for ETH is at 1046 (orange line) and we have two green diamonds on the RSVP Extractor, AND the Stoch RSI is near 0. All of this combined, I believe we'll get a rebound at 1046 all the way back to 1220. If we keep falling afterwards, my next target would be 945. TL;DR - ETH short target is 1046, ETH long target is 1220. Further decline of ETH could see support around 945. If you enjoyed my TA or have any questions about the indicators used, please comment below or send me a DM :)
Short
by CryptoScripts
Quick Short On ETH! From our last bullish call on ETH, it went from 1085 to 1230! Over 13% :) Now I'm expecting a temporary short on ETH to around 1130. Let me tell you how I arrived at that conclusion. Looking at the 8hr chart on ETH, we can see it's coming up to resistance. Now there's also a bullish inverse head and shoulders pattern (drawn in green) but if that can't break the neckline (red rectangle 1230-1270) then I can see a decent rejection. We can also see there's a red diamond on the RSVP Extractor (my indicator) and the Stoch RSI is overbought. Looking at past history, the last 3 times this happened, ETH declined around 8% which coincides to 1130 from 1230. Therefore I'm taking a quick scalp short and expecting to cover half at 1130 and ride the rest in case we go lower. The next major support would be around 1050. If we end up breaking the neckline then that's extremely bullish for ETH and I would maintain the target of 1400 (per my previous idea). TL;DR -Shorting ETH to 1130 then expecting a bounce -If we break the neckline, expecting at push to 1400 before rejecting If you enjoyed my TA or had a question about the indicators used, please comment below or send me a DM :)
Short
by CryptoScripts
BTC 3D Bullish Divergence! Yesterday I posted about the 3D bullish divergence on ETH at 1085. It's already up to 1155 (7% from the call)! Now I'm noticing the same indications for BTC, along with a few other indicators (as discussed below). Looking at the 3D BTC chart, we can see a couple of things: 1. Huge descending wedge forming with a worst case target of 12k (if we continue down). 2. Bullish divergence forming on the Stoch RSI. Since May 10th, Bitcoin has been in a decline while the Stoch RSI has been in an uptrend while ALSO starting to cross to the upside (very bullish for a short term relief) 3. Along with the bullish divergence, we ALSO have the RSI oversold (yellow shaded indcator) AND a double bottom forming on the VMC Cipher indicator (two green dots) which also points to a temporary relief bounce With all of that said, my short-term bullish price targets for BTC is 25k (because that was the previous wick low turned resistance). After 25k, if we continue upwards, I'm looking towards 30-32k where we have MAJOR resistance. If we get there, I don't expect us to break it on the first try. We would essentially tap those levels then retest 25k then try to break them again (bullish case). It would also be extremely bullish if we crossed above the 200 EMA (pink line on the chart), as a lot of people are watching that metric and it's a great indicator for the overall trend Now this is all assuming the macro economic environment stays relatively stable and there aren't any big negative news events. For the BEARISH scenario, I could see us retesting 19k and continuing down on the descending wedge trend line all the way to 12k. Good levels to DCA would be 19k, 16k, and 12k. The next few days/weeks will tell us a lot! If you enjoyed my TA or had any questions about the indicators I used, please leave a comment below or send me a DM :) Thanks for reading!
COINBASE:BTCUSDLong
by CryptoScripts
ETH 3D Bullish Divergence! Looking at the 3D chart for ETH, we can see a few bullish patterns forming (both candlestick and technical). If you look at the Stoch RSI, you can see it's forming a bullish divergence with the ETH price action AND is starting to cross to the upside. This, along with the RSI being oversold (yellow shaded area on the RSVP Extractor) and the previous green "Hammer" candlestick pattern (bullish reversal pattern) give me a thought that we MAY be getting some temporary relief. Plotting our support and resistance lines, the next major resistance would be 1400 on the 3D which is why I have that as my next price target for ETH before potentially reversing. If we don't get a bounce from here, I'm afraid we may be retesting 1030 as micro support and 880 as the major support for a possible double bottom pattern. If you have any questions about my TA or indicators used, please leave a comment below or send me a DM :)
Long
by CryptoScripts