ETH Surged and Touched these indicators!/Trading Strategy
ETHUSDTNotice in chart---Red: rise; Green: fall.
4H trend chart
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ETH takes less time to spike than our last analysis post(link as below)
Now it took a step back like faced something.
Let's check what resistance ETH encounters right now.
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1. The longest Downtrend line
Since 9/B, lower highs formed a long trend line and continuously resisted ETH.
We know the break-out of up/down trend is a strong signal for traders to open position.
But should not consider it will go up/down directly till the target.
Sometimes uptrend or downtrend line have to be retested to confirm the power of break-out.
So it's obvious that ETH is retesting the line.
2. Fibonacci retracement level
The surge brought ETH to a high 3280, which is very close to Fib(0.618)_3283.5
From technical analysis, every visible level/zone should be considered when setup trading strategy.
On the other hand, the resistance zone we showed from last post also gave pressure for price.
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Therefore, we thought it's a normal correction and retest right now
Just make sure you have trading plan.
From my perspective, once the resistance could be broken out and eventually transform into a new support zone.
We still look forward to the higher price
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Profit Targets:
a) 3679.9-----Fib(1)
b) 3962.15~4076.3-----Fib(1.272~1.382)
Stop losses:
a) 3091
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Trading is a reflection of yourself, sometimes you need to take a step back to see more.
Learn more daily and Be ready for any opportunities daily.
Have a nice trading day guys!
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