Since my last update we’ve seen 2 small stop hunts. Price briefly broke down to $3,650, then promptly returned to $3,800. It then quickly jumped to $3,910 before promptly returning to the $3,800 support. This kind of thing is often seen prior to a larger move.

Zooming in on the 4 hour chart, we can see the Bollinger bands are extremely tight. The 8, 21 and 55 day EMA’s have converged almost on top of each other. This is another indication price is getting ready to move.

In today’s video analysis I discuss, where price may be heading next, traps to avoid, a possible short term trade strategy and so much more. I hope you find it helpful.

Video Analysis:

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!

Workin

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Responses

  1. Nicholas

    These jumps and falls should be annoying… but im not a daytrader. But i cant decide, this is a good, or a bad choice 😀
    We see the moves, and “feel” the accumulation, and i think, the next bull will be much histerical (not simple historical 😀 ), like the latest in ’17 🙂

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    1. Workin2005 Post author

      Thanks Paul. I feel the ETH Constantinople fork was already baked into the price. In fact, I thought we might see a “sell the news” drop right after the fork, but it held on fairly well. I like ETH long term. Vitalik Buterin seems to have his priorities straight. Short term, like most top altcoins, I think it’ll rise and fall with bitcoin.

      (0)