After a few days off, let's check the progression.
ETH climbed up to his last resistance zone built during the descent. I expected this zone to be weaker than that and thought it would easily cross it to climb to the next one. But at the moment it is creating an interesting consolidation movement. Let's check it up on the 4h graph :
It stopped three days ago exactly in the resistance zone I could define on the graph and based on its recent history. We only have three points now but it may be building a triangle progression that should open up climbing again. This may be the movement it needs to take the bullish way again.
Regarding the Ishimoku, it passed under the Kijun and Taken that crossed yesterday. Price is still evolving over the cloud and Shiku span too. SSA and SSB took a flat turn more or less around the 18th of September.
On the Bollinger side, it entered a horizontal movement. The RSI on came under a descending trend line slightly negative at the moment I'm writing this.
On the daily chart, we get that it didn't came down to his last resistance zone but formed a cup that keeps it into the exponential movement. And when we look closer...
Here we can see that there are two possibilities :
red line : it now take movement to form a handle based on the previous resistance zone
blue line : it just ends the consolidation movement joining the blue dotted line (which could also be a shorter handle) before climbing again
Blue and orange continued lines are supports and then resistances drown on the upward movement since December 2018. I let you check my previous article to remember from where it comes from.
Conclusion :
My analysis is that the upward movement has not come to an end now. It is consolidating the movement, that's all.
However, don't forget to keep safeties. Chart analysis is there to give entry and exit points but not to predict the future ! I would say that you should not establish the stop losses to close to the price, otherwise it would just sell on a hourly high movement that may not be representative of the closure of the market, but still it is good to have some. On my side, I made some large ones regarding the term of the investment I look for. As an example, if I want to invest on daily term and my guess is that we're now following the cup & handle designed in red on the daily chart above, I would only put a stop loss under it (redline at 200 $ may be a good one).
Don's forget that you shouldn't invest money you can't lose and you'll feel less stressed and would accept larger evolution of the price waiting for the big bull. Otherwise you would set stop losses to short and you'll lose your money in each transaction fees.
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