ETH - Will the bulls resume the trend?
There’s a strong bull trend going on here on ETH, and as I said in my last analysis, it is seeking for its resistances. In fact, it struggled a little to breakout from this pink line, and it almost ignored the green line at the $210. Also, if you missed my last ETH analysis, the link to it is below, as always, and you are invited to follow me to keep in touch.
We see a good bullish candlestick pattern evidenced in the chart, a Piercing Line pattern, just above its previous support (blue line), and the green candle closed above the 21 ema. Now ETH found another resistance at the orange line ($ 215), and a pullback would be desirable. Now, the daily chart:
Recently ETH respected its supports, which is very good, and now is just under another resistance at the orange line. The good news is that the next resistances are quite distant, so a long trade has a better risk/reward relationship than a bearish trade, in my opinion. Other than the orange line, there’s the thin pink line and the next one is the light blue line at the $ 252, an impressive, but realistic target to aim.
Remember, we are still in the middle of a consolidation, but just like BTC, my view is that the bulls have the advantage here, but not by that much, the low volume still bugs me.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
We see a good bullish candlestick pattern evidenced in the chart, a Piercing Line pattern, just above its previous support (blue line), and the green candle closed above the 21 ema. Now ETH found another resistance at the orange line ($ 215), and a pullback would be desirable. Now, the daily chart:
Recently ETH respected its supports, which is very good, and now is just under another resistance at the orange line. The good news is that the next resistances are quite distant, so a long trade has a better risk/reward relationship than a bearish trade, in my opinion. Other than the orange line, there’s the thin pink line and the next one is the light blue line at the $ 252, an impressive, but realistic target to aim.
Remember, we are still in the middle of a consolidation, but just like BTC, my view is that the bulls have the advantage here, but not by that much, the low volume still bugs me.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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