ETH/USD - Live Update
What's up traders, I hope you're all having a good trading week.
Well done to those who recently followed and traded my previous Ethereum analysis (See related ideas for more details of this). We made good profits and now we are looking for even more upside!
We made some good profits on this trade, and I'm happy to be in a position where I can help so many of you guys profit in the markets as I do!
I'm glad to be your one stop shop for all your Cryptocurrency analysis needs !
Swiftly moving on, here we have ETH/USD on the daily chart.
ETH/USD has been trading upwards since a corrective move to the swing low/Fibonacci retracement support at 489.30. Price was recently trading within a structure before breaking out side-wards resistance on the 14th April in spectacular style, putting us in a significantly profitable trade. In light of breaking the long term descending triangle, it's logical to seek the long positions on the retest of support and get into the new up trend early.
Price broke the side-wards resistance, which we can now view as a possible new support. When price is testing the support it will make a strong higher low perfect for this trade. A 3 wave would be the best set up for this trade, as we are taking advantage of direct market impulse rather than opportunist trading.
I am expecting Ethereum to continue breaking to the upside. And I believe there is a probability that this is the beginning of a new uptrend sequence.
This trade could play out in 2 days, I have outlined these below:
-Price tests the swing low (the 61.8 Fibonacci retracement of the current swing leg, and finds support at 489.90, before bouncing off to the upside to an upside target of 678.70. Price could break even higher if there is enough momentum behind the up move.
-Price tests the lower horizontal support , and does not retest the side-wards support zone and instead retests the horizontal support zone at 408.10 and goes to the upside at a later stage, before reaching it's upside target at 678.70.
Bare in mind, that price could move a lot further than the targets outlined above.
If price retests the sidewards support line and bounces, this would be a very bullish sign, as we could clearly be in a 3 wave pattern, which would perfectly work off of the sidewards resistance. ESPECIALLY if there is a strong pin bar type candle at the side-wards support, this would be 10X better for a reliable buy opportunity.
I will updating this analysis if it receives more than 40 likes.
Well done to those who recently followed and traded my previous Ethereum analysis (See related ideas for more details of this). We made good profits and now we are looking for even more upside!
We made some good profits on this trade, and I'm happy to be in a position where I can help so many of you guys profit in the markets as I do!
I'm glad to be your one stop shop for all your Cryptocurrency analysis needs !
Swiftly moving on, here we have ETH/USD on the daily chart.
ETH/USD has been trading upwards since a corrective move to the swing low/Fibonacci retracement support at 489.30. Price was recently trading within a structure before breaking out side-wards resistance on the 14th April in spectacular style, putting us in a significantly profitable trade. In light of breaking the long term descending triangle, it's logical to seek the long positions on the retest of support and get into the new up trend early.
Price broke the side-wards resistance, which we can now view as a possible new support. When price is testing the support it will make a strong higher low perfect for this trade. A 3 wave would be the best set up for this trade, as we are taking advantage of direct market impulse rather than opportunist trading.
I am expecting Ethereum to continue breaking to the upside. And I believe there is a probability that this is the beginning of a new uptrend sequence.
This trade could play out in 2 days, I have outlined these below:
-Price tests the swing low (the 61.8 Fibonacci retracement of the current swing leg, and finds support at 489.90, before bouncing off to the upside to an upside target of 678.70. Price could break even higher if there is enough momentum behind the up move.
-Price tests the lower horizontal support , and does not retest the side-wards support zone and instead retests the horizontal support zone at 408.10 and goes to the upside at a later stage, before reaching it's upside target at 678.70.
Bare in mind, that price could move a lot further than the targets outlined above.
If price retests the sidewards support line and bounces, this would be a very bullish sign, as we could clearly be in a 3 wave pattern, which would perfectly work off of the sidewards resistance. ESPECIALLY if there is a strong pin bar type candle at the side-wards support, this would be 10X better for a reliable buy opportunity.
I will updating this analysis if it receives more than 40 likes.
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