#Nasdaq #SP500 If we’re sometimes sceptical regarding Bitcoin, our thoughts on Ethereum were magnitudes worse. The good news was the recent Ethereum drop. Last week brought an email from someone going to buy at 260 and we’d strongly advised against. We suspected $200 coming. Todays email; “Ok, you’re a genius .. 200 has been hit!”
It was easy to decide this gave justification for a proper analysis. A Fake Coin following “the rules” tends be a rare event. If this is indeed the case, Ethereum now has a serious problem as it managed trade below the 200 level during the session, hitting 190 twice. When a drop target is broken, despite near term recovery, we get nervous as it will often signal more reversals are coming.
For Ethereum, 211 at time of writing, now below 190 looks capable of 163 initially, doubtless with a short lived bounce. Critically, if 163 breaks, our secondary calculates at a bottom of 95. Visually, this rather neatly matches the lows at the start of 2019 and will doubtless serve as an excellent trampoline level at some point in the future. We now cannot calculate anything below 95 and this further reinforces bounce potentials, IF 95 makes an appearance.
As always, perhaps we’re being hysterical but we often feel an exchange, based on the Daily Pollen Count measured from the roof of the London Stock Exchange, would prove to have greater integrity than trading in Crypto’s. Despite repeated small signals of market attitudes changing, for as long as daily swings in crypto prices tending occur regardless of trade volume levels, we prefer caution.
However, as an olive branch, there is a chance 200 was indeed bottom and the currency will bounce. That being the case, we need the price to exceed 227 (allegedly the immediate target) as this should trigger recovery to an initial 255. If exceeded, secondary is at 280 and a visual challenge against the BLUE downtrend. Only with closure above 280 shall be suspect a true miracle is in progress, thanks to 352 being our first breakout target upward.
In summary, we suspect this intends wind its way to 95. The caveat, and initial integrity test for any rise, comes if 227 bettered.
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Time Issued |
Market |
Price At Issue |
Short Entry |
Fast Exit |
Slow Exit |
Stop |
Long Entry |
Fast Exit |
Slow Exit |
Stop |
Prior |
|
9:57:17PM |
BRENT |
63.25 |
‘cess | ||||||||
|
10:03:44PM |
GOLD |
1427.15 |
Success | ||||||||
|
10:05:49PM |
FTSE |
7516.32 | |||||||||
|
10:08:10PM |
FRANCE |
5561.5 |
Shambles | ||||||||
|
10:10:12PM |
GERMANY |
12283 |
Success | ||||||||
|
10:12:29PM |
US500 |
2978.15 |
2976 |
2974 |
2959 |
2998 |
3009 |
3014.5 |
3020 |
2989 |
Success |
|
10:14:28PM |
DOW |
27195.9 |
Success | ||||||||
|
10:16:18PM |
NASDAQ |
7850.87 |
7846 |
7816 |
7762 |
7928 |
7942 |
7969 |
8010 |
7886 |
Success |
|
10:21:43PM |
JAPAN |
21295 |
Success |