ETHUSD Technical Analysis: Fib Retracement Levels & Wedge!!
Updated
Pretty simple analysis of ETHBTC pair, Ethereum generally gaining a bullish outlook for the next week or more, so far ETH BTC has formed a really nice and beautiful descending wedge formation in the Heiken Ashi D1 Time Frame.
Short Term BUY Opportunity:
Taking the top 1.0 Fib level as on 18 May 2019, and the lowest of 0 Fib level on 4 Sep 19 + 10 Jan 20
- ETHBTC rebounding strongly from the 0.236 Fib level twice, which is also the bottom line of the PURPLE descending wedge, validating as a strong support to watch
- I would expect a BUY OPPORTUNITY for the next few days up to the TOP of the WEDGE
Long Term BULLISH outlook:
- Look for ETHBTC reaction to the top of the wedge, possible more sideways action till 0.382 Fib level coincides with the top of the pink wedge --> A break above this would flip these into a major support for a break upside
- BREAKING above the wedge would give us a BUY OPPORTUNITY with TP1 @ 0.50 Fib, TP2 @ 0.618 Fib, TP3 @ 0.786 Fib or even 1.0 Fib
Fundamentally, an overlap of the release of ETHEREUM 2.0 along with a bullish run upwards of the wedge would give us more BUY momentum and therefore TPs can be adjusted higher on the Fib levels if these happens. I would be putting my coins on ETH 2.0 being released in JULY 20 or so.
As always, trade carefully with stop losses.
Feel free to like and follow if you enjoyed from my ideas = )
Best Regards,
GOLD D ROGER
A humble trader in training
Short Term BUY Opportunity:
Taking the top 1.0 Fib level as on 18 May 2019, and the lowest of 0 Fib level on 4 Sep 19 + 10 Jan 20
- ETHBTC rebounding strongly from the 0.236 Fib level twice, which is also the bottom line of the PURPLE descending wedge, validating as a strong support to watch
- I would expect a BUY OPPORTUNITY for the next few days up to the TOP of the WEDGE
Long Term BULLISH outlook:
- Look for ETHBTC reaction to the top of the wedge, possible more sideways action till 0.382 Fib level coincides with the top of the pink wedge --> A break above this would flip these into a major support for a break upside
- BREAKING above the wedge would give us a BUY OPPORTUNITY with TP1 @ 0.50 Fib, TP2 @ 0.618 Fib, TP3 @ 0.786 Fib or even 1.0 Fib
Fundamentally, an overlap of the release of ETHEREUM 2.0 along with a bullish run upwards of the wedge would give us more BUY momentum and therefore TPs can be adjusted higher on the Fib levels if these happens. I would be putting my coins on ETH 2.0 being released in JULY 20 or so.
As always, trade carefully with stop losses.
Feel free to like and follow if you enjoyed from my ideas = )
Best Regards,
GOLD D ROGER
A humble trader in training
Note
IM SORRY FOR THE TYPO IN THE TITLESupposed to be ETHBTC instead of ETHUSD!!!
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