ETH – 4HR UPDATE by BIFF
Technicals
My original orange dotted trendline has been breached rendering it as a reference only and has been changed to a solid support/resistance level.
I have adjusted the new primary lower orange dotted trendline with 4-data points (confirmed).
There is a green overhead trendline acting as significant resistance. 3-data points confirmed denoted with the three downward pointing red arrows.
The current trading is right on the POC and the longest HVN.
ETH is moving into a perceived volatility squeeze as seen by the price action moving closer to the tip of the arrow displayed with the 3 trendlines meeting at one price point.
The nearest upper HVN is $150.00
The nearest lower HVN is $124.00
Conslusion:
The overhead green trendline is acting as strong resistance in preventing higher prices. The orange solid green trendline is acting as a reference and is intersecting the POC. The price action appears BEARISH and as price nears the upper green trendline it may collapse through the primary orange dotted trendline at some point nearing the tip of the arrow or shortly past that point. Because we are right on the POC, the possibility does exist we continue to just trade through the trendlines!
Outlook:
I have to conclude that the short-term price action appears to be setting up a bear move. This move could be as mush as $14.00 which could drop the price to $126, or the .50 Fib level, It could be said that if the price moves north the same is concluded that the price action could move price around $154 which would put us into another price distribution.
Trading ideas:
Short trade:
Consider entering if the price reaches $154.00 on a volatility move.
Long trades:
Look to the orange dotted primary trendline for a possible entry point and then pray to the crypto Gods!
Extreme Trades
Enter an extreme trade for a long position at $122.00 and pray.
Enter an extreme trade for a short position at $160.00 and pray
If you follow me, you know why I recommend extreme trade entry for short and long positions.
What’s Biff doing?
The chart appears to have a Bearish bias to me even though we a long bull pole with a pennant formation. Because the pennant price distribution is nearly flat at the top, I must give higher probability to the green upper trendline holding as resistance. There is a dashed green trendline that is a clone of the lower orange primary trendline creating a price channel and is acting as a visual price reference to me. While I am a bit Bearish in the short-term the price action longer-term is still trending upwards away from the most recent low of $102(ish).
Don’t forget to leave a thumbs up and follow me on Twitter for more excellent analysis, all for free! Many of my charts are still active, don’t miss out on my excellent analysis below!
Best,
Biff
Housekeeping:
I use green trendlines for overhead resistance price levels.
I use orange trendlines for support price levels and to show price distribution patterns.
I use an orange dotted trendline to indicate the Primary Trendline and a dashed orange trendline to denote the secondary trendline.
My charts are volume bias.
Indicators:
Fibonacci retracement
Volume Profile
Volume
The data calculated Is contained in the chart area. If you expose the chart to more, or less data, the Point-Of-Control may move to reflect the addition or subtraction of new data.
Nomenclature:
POC – Point-Of-Control is the price level for the time period with the highest traded volume.
VP – Volume Profile displays trading activity over a specified time period at specified price levels.
HVN – High-Volume Node are peaks in volume at or around a price level.
Technicals
My original orange dotted trendline has been breached rendering it as a reference only and has been changed to a solid support/resistance level.
I have adjusted the new primary lower orange dotted trendline with 4-data points (confirmed).
There is a green overhead trendline acting as significant resistance. 3-data points confirmed denoted with the three downward pointing red arrows.
The current trading is right on the POC and the longest HVN.
ETH is moving into a perceived volatility squeeze as seen by the price action moving closer to the tip of the arrow displayed with the 3 trendlines meeting at one price point.
The nearest upper HVN is $150.00
The nearest lower HVN is $124.00
Conslusion:
The overhead green trendline is acting as strong resistance in preventing higher prices. The orange solid green trendline is acting as a reference and is intersecting the POC. The price action appears BEARISH and as price nears the upper green trendline it may collapse through the primary orange dotted trendline at some point nearing the tip of the arrow or shortly past that point. Because we are right on the POC, the possibility does exist we continue to just trade through the trendlines!
Outlook:
I have to conclude that the short-term price action appears to be setting up a bear move. This move could be as mush as $14.00 which could drop the price to $126, or the .50 Fib level, It could be said that if the price moves north the same is concluded that the price action could move price around $154 which would put us into another price distribution.
Trading ideas:
Short trade:
Consider entering if the price reaches $154.00 on a volatility move.
Long trades:
Look to the orange dotted primary trendline for a possible entry point and then pray to the crypto Gods!
Extreme Trades
Enter an extreme trade for a long position at $122.00 and pray.
Enter an extreme trade for a short position at $160.00 and pray
If you follow me, you know why I recommend extreme trade entry for short and long positions.
What’s Biff doing?
The chart appears to have a Bearish bias to me even though we a long bull pole with a pennant formation. Because the pennant price distribution is nearly flat at the top, I must give higher probability to the green upper trendline holding as resistance. There is a dashed green trendline that is a clone of the lower orange primary trendline creating a price channel and is acting as a visual price reference to me. While I am a bit Bearish in the short-term the price action longer-term is still trending upwards away from the most recent low of $102(ish).
Don’t forget to leave a thumbs up and follow me on Twitter for more excellent analysis, all for free! Many of my charts are still active, don’t miss out on my excellent analysis below!
Best,
Biff
Housekeeping:
I use green trendlines for overhead resistance price levels.
I use orange trendlines for support price levels and to show price distribution patterns.
I use an orange dotted trendline to indicate the Primary Trendline and a dashed orange trendline to denote the secondary trendline.
My charts are volume bias.
Indicators:
Fibonacci retracement
Volume Profile
Volume
The data calculated Is contained in the chart area. If you expose the chart to more, or less data, the Point-Of-Control may move to reflect the addition or subtraction of new data.
Nomenclature:
POC – Point-Of-Control is the price level for the time period with the highest traded volume.
VP – Volume Profile displays trading activity over a specified time period at specified price levels.
HVN – High-Volume Node are peaks in volume at or around a price level.
Kommentera:
And now you why you follow Biff. I have been tweeting out updates and felt ETH would roll over. This is why we trade extremes. Stay tuned for the post mortem.
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