ETH/USD - Impulse After Massive Bottom
Updated
Ethereum had a massive down turn. I mean, not only did it completely get decimated to the downside, but it even decoupled from Bitcoin for a short time and then went it's own path, which was down massively. Price is nicely above the 20 and 50 moving average at present and looks quite comfortable up there. Due to Ethereum decoupling from Bitcoin, even if bitcoin falls some, I bet that Eth has some recovering of its own to do before it foes any more move to the upside.
Price over the last couple of days broke a long term resistance line, and the 50 moving average, and then clearly retested it also as a new support level. For this reason I'd say Ethereum is technically strong for sure and some more upside is highly likely to ensue from here on. I am expecting Eth to go up from here, to an upside target of 271, with the possibility of it hitting a maximum target at 302.
Price may not shoot straight up right from here. There is always a possibility of a small correction before ANY impulse in history, so let's assume that alongs as price stays above 230 then you can safely trade the upside. If price goes below 230 then it will be below the 50 moving average and the long term resistance line again, and would symbolise that this move was indeed part of a bull trap.
Where do YOU think price is heading? leave a comment with a chart and lets share our thoughts!
Thank you for your support.
Price over the last couple of days broke a long term resistance line, and the 50 moving average, and then clearly retested it also as a new support level. For this reason I'd say Ethereum is technically strong for sure and some more upside is highly likely to ensue from here on. I am expecting Eth to go up from here, to an upside target of 271, with the possibility of it hitting a maximum target at 302.
Price may not shoot straight up right from here. There is always a possibility of a small correction before ANY impulse in history, so let's assume that alongs as price stays above 230 then you can safely trade the upside. If price goes below 230 then it will be below the 50 moving average and the long term resistance line again, and would symbolise that this move was indeed part of a bull trap.
Where do YOU think price is heading? leave a comment with a chart and lets share our thoughts!
Thank you for your support.
Note
Price is incredibly weak as I feared would happen if we broke the support moving averages. Looks like we are going to the downside at least for now.Back to the drawing board for this one, as the move to support as predicted is likely.
Please leave a LIKE. I'd highly appreciate it. :-)
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