I have put some time into learning basic Technical Analysis last summer but have continued to keep an eye on it since despite not being all too active actually trading. Today, I believe there is a nice setup on the Ethereum-Bitcoin chart along with the Ethereum-Dollar chart...
Weekly Ethereum-BTC Chart:
It has been all BTC for a while now as it doubled its price since reaching the previous all-time highs. Ethereum on the weekly chart is in a symmetrical challenge which is coming to an end and it is looking to break above it at some point.
Daily Ethereum-BTC Chart:
Ethereum has been a downward channel vs BTC but broke out of it recently backtesting resistance now as support which is a nice confirmation of the trend change.
4-Hour Ethereum-BTC Chart:
A case can be made right now on the 4-hour chart for a bullish inverse head & shoulders pattern forming.
There has also recently been a bullish crossover between the 55 & 200 EMA on the 4-hour chart which tends to be a bullish sign.
Weekly Ethereum-Dollar Chart
Ethereum is getting close to its all-time high and would go into price discovery in case it breaks above which most times results in a clear blue sky breakout as seen on the Bitcoin chart recently or on the Chainlink chart a while ago...
All this while the hype around Ethereum continuing to build with Bigger investors getting in predicting that Ethereum will outperform bitcoin during this Bull run. Google trends search also show a new peak for Ethereum Searches recently
It is probably smarter to actually wait for the break-out to happen, but I don't mind converting some of my BTC from my trading portfolio into ETH at the current price of 0.032690 BTC for 1 ETH as a longer-term trade. I will bring an update on the results if it does break out in the short turn, if it totally collapses somehow, or in a couple of months from now when it all shows a proper picture on how exactly this played out...
Previous Documented Trades
Documented Trade #1 | Chainlink -> Complete +20.9%
Documented Trade #2 | Bitcoin -> Complete +0%
Documented Trade #3 | Zilliqa -> Complete -7.07%
Technical Analysis Lessons
Technical Analysis #01 | Basics
Technical Analysis #02 | Trends
Technical Analysis #03 | Bearish Patterns
Technical Analysis #04 | Bullish Patterns
Technical Analysis #05 | Symmetrical triangles
Technical Analysis #06 | Volume Indicator
Technical Analysis #07 | Moving Averages
Technical Analysis #08 | MACD
Technical Analysis #09 | RSI
Technical Analysis #10 | Fibonacci Retracements
Technical Analysis #11 | Candlestick Patterns
Free Software I use for Charts
Tradingview
Free Software I use for Trading
Binance
Don't take any of this as advice as I'm only still learning and seeing all this as a learning experience for myself!
Hive: https://hive.blog/@costanza
Publish0x: https://publish0x.com/costanza
Twitter: https://twitter.com/costanzabets
