Ivory_Wolf

Well... nearly reached at this stage anyway. In a similar vein to Dow Theory (in which you would normally expect that the Dow Jones Industrial Average would rise alongside the Dow Jones Transportation Index, the Nasdaq Composite, the SP500 and the Russell 2000 indices), let's suppose you would expect that Ethereum would rise alongside Bitcoin and the other altcoins. Let's face it, Ethereum has had a great run recently, but what has Bitcoin been doing over the past month in particular? Literally nothing. Zero, zilch, nada... But why am I bringing up caution at this stage whilst everyone is so bullish about Ethereum? Let's scale out. If you look very far out to earlier this year, there was spike down in February for Ethereum (which formed a 'left shoulder' downward), and further retracement in share price downward to the ultimate low in April two months later to form the 'inverted head', followed by upward movement to form the inverted 'right shoulder' in late June. This allows us to draw a 'neckline' at around about the 2880 level. Extending calculations from this neckline to the inverted head provides a range of approximately 1400, but when utilising exact numbers utilising charting software, and extending this range upwards from the neckline northwards provides a potential target of 4,368.94, which is fairly close to where we've been recently (the high of 4,333.13 about 2 hours ago at the time of writing). Unless Bitcoin can get itself moving, as well as Ethereum turn around with respect to the one hourly momentum, tread cautiously and consider the possibility that the target may be reached of this head and shoulders target for Ethereum (thus, neutral bias at this stage, with potential to turn bearish).

Well... nearly reached at this stage anyway. In a similar vein to Dow Theory (in which you would normally expect that the Dow Jones Industrial Average would rise alongside the Dow Jones Transportation Index, the Nasdaq Composite, the SP500 and the Russell 2000 indices), let's suppose you would expect that Ethereum would rise alongside Bitcoin and the other altcoins. Let's face it, Ethereum has had a great run recently, but what has Bitcoin been doing over the past month in particular? Literally nothing. Zero, zilch, nada... But why am I bringing up caution at this stage whilst everyone is so bullish about Ethereum? Let's scale out. If you look very far out to earlier this year, there was spike down in February for Ethereum (which formed a 'left shoulder' downward), and further retracement in share price downward to the ultimate low in April two months later to form the 'inverted head', followed by upward movement to form the inverted 'right shoulder' in late June. https://www.instagram.com/p/DNKIdvqzQZW/?img_index=2 This allows us to draw a 'neckline' at around about the 2880 level. Extending calculations from this neckline to the inverted head provides a range of approximately 1400, but when utilising exact numbers utilising charting software, and extending this range upwards from the neckline northwards provides a potential target of 4,368.94, which is fairly close to where we've been recently (the high of 4,333.13 about 2 hours ago at the time of writing). Unless Bitcoin can get itself moving, as well as Ethereum turn around with respect to the one hourly momentum, tread cautiously and consider the possibility that the target may be reached of this head and shoulders target for Ethereum (thus, neutral bias at this stage, with potential to turn bearish).

Entry conditions: (i) higher share price for ETHUSD along with MACD crossover on the 4 hour chart at the low end of the scale with histogram crossover zero, (ii) bounce off potential support zones of 15 min / 1 hour and 4 hour intraday timeframes, and (iii) observation of market reaction at these support zones. Stop loss for the trade would be below the ultimate support level from the open of 22nd January (i.e.: below $3327.56).Trade has activated in a similar fashion to a previous setup of this nature on 23rd/24th June, which then extended into a daily squeeze which extended from approx $2200 through to $3600 (1400 points) over a one month period.1hr squeeze looking shaky here now - consider raising profitable stops to just under the open of the 1 hour open on the chart from 3863.30 from 3am this morning Melbourne time, should the second bar on the squeeze remain persistent.Clear support break as at 12:15pm Melbourne time - congrats on a good trade! Would’ve been nice to hold for longer and watch the squeeze turn into a daily squeeze, but wasn’t to be with current market conditions - maybe next time! Take current profits and run into the next one.

As noted in the latest video update released yesterday (22-Oct Australian time; detailed commentary available in the signature below), Cardano (ADAUSD) represents a potential bullish opportunity should momentum continue and newer highs be made past the current position. Depending on risk tolerance, stop loss for the trade would be the low of the channel on 11-Sep (i.e.: below the low of $0.2368) or below the rising moving averages (i.e.: below the 10 day moving average, which is currently sitting at $0.2503).Trade active: Unit price appears to be looking to test to area of resistance of $0.2968 represented by the open of 24th January 2023 (Australian time), in the first instance. Look for $0.3042 from the open of 22nd November 2022 in the near term after that if that level is successfully surpassed.Trade active: Further update provided in the latest weekly video update - main motto of the story is to be aware of the resistances above and observe market reactionTrade active: Now that the prior resistance of $0.3042 from the open of 22nd November 2022 has been surpassed, the next resistance that appears to be of note is $0.3401 (which is a prior support from the open of 21st October 2022). Also note that another resistance area has been passed in today's sudden move since the last update - $0.3178 (a prior support level from the open of 10th November 2022) - keep an eye on how the market keeps reacting to this too.Trade active: As a side note, caution definitely needs to be expressed with parabolic moves such as this, considering we are not seeing Bitcoin making higher moves at this stage whilst Cardano is making more and more moves to the upside. Now that the prior resistance of $0.3401 from the open of 21st October 2022 has been surpassed, the next resistance that appears to be of note is $0.3726 (which is a prior support from the open of 18th October 2022). Also note that another resistance area has been passed in today's sudden move since the last update - $0.3587 (a prior support level from the open of 25th January 2023) - keep an eye on how the market keeps reacting to this too (especially considering July's move had trouble surpassing it).Trade active: Sideways consolidatory action over the past nearly month. The next resistance that appears to be of note is $0.4031 (which is a prior support from the open of 27th October 2022). Of interest, this has only been solidly tested once over the past month, on 16th November. A couple of other tests have come close, but have not breached the $0.40 area. Observe the DMI and RSI as further advances towards the resistance area occur - do they rise?Trade active: Another strong month for Cardano with further price appreciation having occurred - as per recent weekly video updates, be aware of the upper resistance area that has developed over the month which has been tested numerous times at $0.6404 and is now showing incredible strength after five failed attempts to break through (09-Dec; 13/14/15-Dec; 22-Dec; 28-Dec; 02-Jan). Unit price is now consolidating beneath prior support of $0.5703 alongside declining momentum (reducing DMI and RSI), whilst approaching the buyer/seller level of interest represented by the top of green box (see graph above and weekly video for updated description), so caution is warranted, especially if the green box is penetrated by the unit price without buying support or an upswing in momentum indicators.Comment: As noted in the latest weekly video update for the week ended 12-Jan, a series of lower highs and lower lows has resulted on the daily chart, leading to a precarious position for Cardano. Should lower lows continue to print on the chart, the green zone level of support of $0.4947 be lost (observe market reaction here), and no further challenge of the buyer's level of interest at $0.5718 occur, then this bullish momentum would be considered complete and over at a decent profit (consider taking initial investment out of trade, at very least, or entire investment for total profit, as suggestion). Obviously not financial advice - see disclaimer in video series below for further details of the trade suggested. Coverage will now cease for this particular trade.