Crypto Analysis Report 8-3-18 Ethereum…Setting Up For A Bear Trap At $345

Wow, it has been over two months since I last spoke about Ethereum,

Crypto Analysis Report 5-6-18 Ethereum...Several Set-Ups That Would Of Gotten You In The Ethereum Long

However, on 3/7, I posted a projected price path for Ethereum as price was making its way to the weekly demand zone at $425.

On 4/11, I posted that the floor was in for Ethereum at $350 and offered two buy trade set-ups (one of them is below).

Price never made it to my original $1200 price target (at least not yet) and the sellers took over near the $885 level. Price eventually fell back down to the $450 level and has been in a range since late June.

However, the chart is setting up quite nicely for a bear trap. Back in April when price bottomed, the level at $350 was the origin of a strong move that took price all the way up to $800. The chart suggests there all more buyers right below the $350 level. Thus, if price breaks out of the range to the downside, look for the buyers to step in at $345.

This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.

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by rollandthomas

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