ETH/USD - Buy Opportunity
Price traded right up at the side-wards resistance line beginning 4th July at 476 and price has been trading at the resistance ever since, until the last 4 hour candle. Price attempted to break the side-wards resistance line multiple times but failed to do so despite some promising candlestick reversal signals indicating that it may be possible to do so. Ethereum is now showing a bullish piercing signal (Providing it closes at current levels) and this could be yet another indication of more upside to come. This candlestick reversal signal comes at a better time than the other candlestick reversal signals that failed because the current signal is not only at the horizontal support zone, but also found support at the 50 moving average as well, which indicates a promising outcome if to be continued.
Price will now either break out of the side-wards resistance at 465 levels, hit a high at 483 (Which is the coinciding resistance of the previous breakout), then retest structure at around 457 before later breaking to the upside to my upside target at the resistance zone between 514 and 528. Alternatively, price can hit side-wards resistance at 464, fall into structure, retest the horizontal support structure once more and then later break out, to the upper resistance zone target between 514 an 528.
Bear in mind with the first scenario that price could hit 483 and come back down into structure, and need to test the horizontal support zone again. This is because at 483, there is the previous swing highs of when Ethereum tried to break the side-wards resistance the last time, so this could be the level that the price level fails AT LEAST to the side-wards resistance turned support, or further down to the horizontal support.
I will continue to update this idea if it receives sufficient attention.
Where do you think price is going? Leave a comment below with a chart and let us know.
Please leave a LIKE and FOLLOW. :-)
Price will now either break out of the side-wards resistance at 465 levels, hit a high at 483 (Which is the coinciding resistance of the previous breakout), then retest structure at around 457 before later breaking to the upside to my upside target at the resistance zone between 514 and 528. Alternatively, price can hit side-wards resistance at 464, fall into structure, retest the horizontal support structure once more and then later break out, to the upper resistance zone target between 514 an 528.
Bear in mind with the first scenario that price could hit 483 and come back down into structure, and need to test the horizontal support zone again. This is because at 483, there is the previous swing highs of when Ethereum tried to break the side-wards resistance the last time, so this could be the level that the price level fails AT LEAST to the side-wards resistance turned support, or further down to the horizontal support.
I will continue to update this idea if it receives sufficient attention.
Where do you think price is going? Leave a comment below with a chart and let us know.
Please leave a LIKE and FOLLOW. :-)
Note
Price has had a breakout candle, which so far has been a candlestick of conflict.Ethereum successfully broke the side-wards resistance line, however the immediate candlestick signal is showing weakness. Price needs a candlestick close above 473, to confirm that price will hit the 483 target before the down move. If price does not close above 473 in the next couple of candles, the likelihood of price breaking down back below the side-wards resistance turned support is significantly higher.
I'll be patient and let the market tell me what to do.
I will continue to update this trade if it receives sufficient attention.
Please leave a LIKE and FOLLOW, I'd really appreciate it. :-)
Note
Price appears to be trading at similar levels as yesterday - still struggling to close above the 470 level, the level that a close above that would imply we are going to hit the correction leg at the resistance zone between 482 and 490.If price closes below 465 then price could possibly correct to the side-wards resistance turned support before the possibility of a new up move.
I'll continue to update this idea if it recieves sufficient likes/comments.
Thank you for your support.
Note
Price perfectly hit the exact level as predicted, and if the plan continues to be right, one of two things needs to happen.1) Price will correct from this level to the downside, reach the maximum horizontal support zone at 450 before bouncing and going to the upside.
2) Price will continue to rally here without any correction, and will hit the horizontal resistance zone between 513 and 527 before breaking down further.
This idea will continue to receive realtime updates if it receives sufficient attention.
Please leave a LIKE and FOLLOW, I'd really appreciate it. :-)
Note
Ethereum corrected to my exact arrow, then came back down to the side-wards support line as predicted in my updates, and now price has broken out and is trading to the upside.It looks strong, and it appears this could be the swing leg to take us to the highs.
Bear in mind, just because it's appearing to run now, it does not mean price will not test 1) the swing high, 2) the side-wards resistance level turned support, again.
I'm glad to once again be your one stop shop for reliable and consistently profitable Cryptocurrency analysis!
I'll continue to update this idea if it receives enough attention.
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Note
Ethereum is having a gentle downside correction after hitting a localized resistance zone. Price, logically speaking, should continue the down move until the next support level that makes sense. I believe price will continue down and the next support it will find is 476.If price goes below this, it could go to around 455. Regardless, once price bounces, I still have a bullish sentiment.
Please leave a LIKE and FOLLOW. I'd really appreciate it.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.