Ethereum Chart Issues Several Buy Signals

Ethereum is, imho, the play of the day.  We have finally gotten a likely close on the long-term daily chart on the sunny side of the 3^rd arc.  This is not trivial. To wit:

Here you can see a close-up of the recent candle.  .

This development is supported by several other geometric considerations of the chart.  For instance, here is a short-term bear setup from the recent swing high:

As you can see, we have a significant green candle that occurred EXACTLY  at 3^rd arc support, and exactly at the end of the 2^nd square.  There is more.  Here is a long-term bear setup of the same chart:

This long-term bear setup, most amazingly, ALSO shows a bounce off 3^rd arc support and exactly at the end of the 2^nd square.

This fascinating ability of markets to SIMULTANEOUSLY fulfill precise geometric considerations at multiple time-frames, ie, it’s fractal nature, is “wheels within wheels”.

Lets take a look at yet another setup on the same chart.  A short-term bull setup:

Here we can see yet ANOTHER wheel spinning in this magnificent geometric dance.  In this case, that big green candle emerged as soon as the 1^st arc pair was cleared.

In my humble opinion, ethereum is now a tremendous buy.  On a daily chart of course, because all of our charts here were on the daily chart.  I am often loathe to issue public buy/sell opinions, but in this case I will make an exception.  I believe we have multiple buy signals for ethereum on the daily chart.  I for one will go long here, with a slightly loose stop, with  the expectation of holding the position for several weeks.

There will of course be minor intraday sell-offs, but I believe it is highly likely that by the end of the year ethereum will be significantly higher than it is today.

Happy trading!

Remember:  The author is a trader who is subject to all manner of error in judgement.  Do your own research, and be prepared to take full responsibility for your own trades.

Image from Shutterstock.