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 3rd arc.  This is not trivial. To wit:

1122a1122aHere you can see a close-up of the recent candle.  .

1122b1122bThis 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:

1122c1122cAs you can see, we have a significant green candle that occurred EXACTLY  at 3rd arc support, and exactly at the end of the 2nd square.  There is more.  Here is a long-term bear setup of the same chart:

1122d1122dThis long-term bear setup, most amazingly, ALSO shows a bounce off 3rd arc support and exactly at the end of the 2nd 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:

1122e1122eHere we can see yet ANOTHER wheel spinning in this magnificent geometric dance.  In this case, that big green candle emerged as soon as the 1st 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.