For a long time, we haven’t had calm weekends. However, it’s nice to see the movement of prices in the vector direction rather than trampling at a stop without volumes. ETH buyers are reluctant to give way to Bitcoin buyers and also managed to upgrade their local high by breaking the long-suffering price zone of USD 260-280, which was a serious problem during the month. The breakthrough has taken place on increased volumes from 20 June. At 4-hour timeframe, it is clear that the price continues to move in the price channel from 9 June:
Buyers stopped near the upper trend line of the channel and we see that sellers are not allowed to fix above this channel. Five candles with pins were formed, offering sellers a chance to test the previous high at the price of USD 289.
Also, if you draw a black trend line at the last three local highs, then buyers appear a bit above the trend line and it gives another signal for correction:
Another signal indicating a possible correction is the correlation of the length of candles and volumes in the last two days. Please note that today’s candle is much smaller than yesterday’s, but the volumes of trading today are bigger:
It suggests sellers increase in this price zone and to continue growth, while buyers will be checked on the ability to keep the price and trend:
Marginal positions of buyers have increased this week, but the bulk has increased over the past two days on the growth of the coin:
Sellers actually stayed in the same place. At first, their positions increased, but during the growth of the coin began to close:
According to the wave analysis in the previous analysis, we wrote that after breaking through the price zone of USD 260-280, we do not see obstacles to the price movement up to USD 320, since at this price passes the level of Fibonacci and the wave of growth which began in February 2019 at a price of USD 230 which will be 2.618 times larger than the growth wave which began in December 2018. If we build waves in a slightly different way, we can assume that the current growth is a correction from the global wave of the fall, and the current wave (C) at a price of USD 320 will be 1.618 times larger than the wave (A):
In any case, at a price of USD 320, there are two scenarios, the difference between them lies only in the depth of the price fall, since in the first scenario, we expect a continuation of growth, if buyers will keep USD 238, and in the second – strong fall to USD 170. Therefore, the choice of the scenario depends on the strength of the buyers. In such a frantic growth, it’s important not to forget that after a sharp movement without correction a similar strong movement in the opposite direction can occur. Let’s keep our emotions and nerves and invest intelligently!
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About the Author: Peter Oleshchuk is a trader and technical analyst. He has spent two years studying and analyzing the crypto market. Charts Courtesy: TradingView
The post BitcoinNews.com Ethereum Market Analysis 23rd June 2019 appeared first on BitcoinNews.com.
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