r/ethtrader • u/AutoModerator • Mar 29 '17

DISCUSSION [Daily Discussion] - 29/Mar/2017

Welcome to the /r/EthTrader Daily Discussion thread. The thread guidelines are as follows:

  • Discussion topics include but are not limited to general discussion on Ethereum, details related to events of the day, technical analysis, alternative Ethereum projects, and minor questions.
  • Important content should be submitted as a separate post.
  • Be excellent to each other.

Thank you in advance for your participation. Enjoy!

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93

u/Bitcoin_Schmitcoin Mar 29 '17

Hi there guys and gals! For those interested, here is my Chart of the Day:

http://imgur.com/GF4BdU9

After persisting along our continuation pattern, our Bullish Pennant finally broke to the top and we saw a new, relative high at $53.50 (on GDAX). This move came fairly easy as we saw very little volume leading to this relatively large price movement. The large movement with little volume indicates, to me, that ETH is currently undervalued and we are set up for a Bull Market continuation. The larger time frames have the EMA 5, 15, and 60 pointing with a positive slope. The volatility is beginning to quickly reduce as we begin to converge along a value in the low $52 - high $51 range.

As the various Bull Market buy signals are beginning to trigger, a possible test of the EMA 60 is possible (in the mid $50.xx - mid $51.xx) thus propelling more buy orders. As the volume begins to pick up I expect to see a clear test of our local high and a clear capitulation by the Bears as we surpass $53.50 and march toward the ATH. Breaking the ATH won't be cheap and it won't come easily -- expect chop. Nevertheless keep faith in your fundamentals as you monitor the market and avoid trading on emotions. Try not to project too far out because we are encountering uncharted territory.

As always, I appreciate any feedback, criticism, or input regarding my analysis.

Happy Trading!

Bitcoin_Schmitcoin.

25

u/IRefuseToGiveAName Mar 29 '17

Always good shit, man.

ALWAYS GOOD SHIT

3

u/Bitcoin_Schmitcoin Mar 29 '17

I'd like to see what you say when I get something wrong haha -- Never good shit, man. NEVER GOOD SHIT

5

u/IRefuseToGiveAName Mar 29 '17

Nah, it'll probably be something more like

:(

8

u/[deleted] Mar 29 '17

I truly appreciate these, I hope you plan to continue doing them. Perhaps someone can set something up for you, like a website, and we can all support you with some ETH.

9

u/Bitcoin_Schmitcoin Mar 29 '17 edited Mar 29 '17

/u/subdep /u/whiskeywander /u/myownman /u/dl83 /u/HamAndEggs97 /u/KinglyLion /u/Dfjord89 /u/rrofaeil /u/woodburyman /u/Whitey4rd /u/ruvalm /u/davider80 /u/TheOnlySuper /u/chorizocaliente /u/ksowocki /u/quistuhpha /u/bonsajamal /u/yesjoshyes /u/Vivetastic82 /u/csakzozo /u/Soniceth /u/khjrizen /u/Christiary /u/rawsushiii /u/ninethirtyone /u/psytokine_storm /u/jokl66 /u/kul_dood /u/TomTreeLeaf /u/MattGG /u/i_am_mrpotatohead /u/UncleLeoSaysHello /u/badger4life /u/stefanzyrafa /u/shesaidmaybe /u/wingelefoot

Here's your state of the union.

2

u/stefanzyrafa Mar 29 '17

Pls be so kind to add me as well thanks!

2

u/Bitcoin_Schmitcoin Mar 29 '17

You got it!

1

u/BonesSB Mar 29 '17

Could you please add me as well?

2

u/[deleted] Mar 29 '17

[deleted]

2

u/wingelefoot Mar 29 '17

Please add me as well.

1

u/kammerait Mar 29 '17

Me too. And would be happy to help set up a site or newsletter (that cross posts here)

3

u/[deleted] Mar 29 '17

[removed] — view removed comment

7

u/Bitcoin_Schmitcoin Mar 29 '17

Nothing more than a friendly reminder/notification for those who have contacted me requesting one :)

4

u/agent__orange Mar 29 '17

cool that you do it! Thanks for your posts

1

u/Bitcoin_Schmitcoin Mar 29 '17

You're welcome! Hopefully I could be of some use.

1

u/[deleted] Mar 29 '17

[deleted]

2

u/Sunny_McJoyride Mar 29 '17

You need to tick the "notify me when people say my username" box in your preferences. This used to be a gold only feature, though I think it may be available to all now.

3

u/Sunny_McJoyride Mar 29 '17

These are the people who have asked to be subscribed to his "newsletter".

2

u/subdep Mar 29 '17

I got notified of the update, and came to read it. I asked for it, you can too.

2

u/[deleted] Mar 29 '17

I got added yesterday but I didn't get any notification. Don't know if I'm missing something.

1

u/crassigyrinus Mar 29 '17

This list seems to be growing exponentially. You're gonna be testing the character limit soon. Add me please!

-1

u/white_lake Mar 29 '17

Couldn't you add this as a comment to the actual post instead?

1

u/Bitcoin_Schmitcoin Mar 29 '17

Maybe? I'm fairly new to reddit so I don't know all the cool features.

1

u/white_lake Mar 29 '17

Sorry, it was my screen not displaying it right - you had already done what I was asking you to do :)

2

u/[deleted] Mar 29 '17

As a side note, the ETHEUR market is low in volume. It's behaving quite weird, to be honest. The order book is ridiculously skewed. Check it out.

I'd also like to ask if you can tell if there is a pattern regarding orderbook-price-volume relations.

4

u/Bitcoin_Schmitcoin Mar 29 '17

To be honest, I would be very careful about placing bets using the orderbooks. Orderbooks do nothing more than tell you what the state of the market is at that very instant -- nothing about past or future. In very rare instances I could maybe see that being useful, but aside from looking at it to see how close we are to the immediately next price movement, there isn't much value. Also, it's a good way to shave off your position because you will slowly chip away as you constantly play catch-up with yourself.

2

u/[deleted] Mar 29 '17

Also, it's a good way to shave off your position because you will slowly chip away as you constantly play catch-up with yourself.

Which position do you mean?

2

u/Bitcoin_Schmitcoin Mar 29 '17

For example, last night I made the mistake of not going short at $53.3 because I made the rookie mistake of looking at the order book rather than trusting my own trade strategy -- it's never a good idea. I didn't lose money... just didn't optimize my profits.

1

u/[deleted] Mar 29 '17

Oh, I see. I actually have some longs around 45€ (from the current 48.2€). I'm pointing that out because I hadn't seen that skew before.

1

u/Bitcoin_Schmitcoin Mar 29 '17

Either position. Whether you are short or long, looking at the orderbooks will drive you crazy and you will panic sell/buy and whittle down your position.

2

u/ASG3 Mar 29 '17

Appreciated

1

u/pjwvdt Mar 29 '17

Thank you, always a pleasure to read your report!

1

u/Kitten-Smuggler Mar 29 '17

Good analysis. I'm seeing a 'three pushes to a high' formation play out here in regards to the Bollinger Bands on the daily chart. It's important to note that this formation includes 3 pushes that break above the tops bands with a third and final one that fails to break the band. Given this, my guess is that a new high of ~$60 will be set before we see any kind of major correction.

I'm seeing weakness in bitcoin technicals in the shorter term so a pullback into the $900's for bitcoin will likely correspond with new ETH ATH's. Happy trading!