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 3rd arc. This is not trivial. To wit:
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:
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.
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.
Last modified: November 22, 2016 20:41 UTC