Possible Inverse Head and Shoulders on ETHUSD?!
Updated
A quick update. What's interesting about ETH right now is it's starting to lead the way in terms of upside movement. This is primarily due to ETH/BTC starting to really have some upside momentum. If you check out the chart we have broken this recent resistance levels and it appears we are going to march up on ETHBTC.
For ETH/USD
On the Day time frame we have
1. MACD crossing up, weak but still crossing.
2. RSI coming out of negative territory
On this 6 hour chart we have.
1. MACD moving into positive territroy
2. Possible Inverse Head and shoulders pattern?
3. Created a "higher high" with it hitting that $430 mark
I said it once before that if we move sideways it would most likely confirm a move to the upside. So, if we base out in this channel and move sideways a bit I would imagine we would get another push up. I am leaning bullish on this one, but on the flip side a break of the $360 area would be concerning and that is the area to watch if we are going to break down further.
If this analysis added some value to your thought process, please smash that like button!
Happy Trading. Don't stress, pick your points and DON'T USE LEVERAGE.
-Sherem
For ETH/USD
On the Day time frame we have
1. MACD crossing up, weak but still crossing.
2. RSI coming out of negative territory
On this 6 hour chart we have.
1. MACD moving into positive territroy
2. Possible Inverse Head and shoulders pattern?
3. Created a "higher high" with it hitting that $430 mark
I said it once before that if we move sideways it would most likely confirm a move to the upside. So, if we base out in this channel and move sideways a bit I would imagine we would get another push up. I am leaning bullish on this one, but on the flip side a break of the $360 area would be concerning and that is the area to watch if we are going to break down further.
If this analysis added some value to your thought process, please smash that like button!
Happy Trading. Don't stress, pick your points and DON'T USE LEVERAGE.
-Sherem
Note
We are moving sideways and having some upward momentum already, which is a good sign. Might be a little to soon to break the most recent highs, but we'll see what develops here.Note
ETH is definitely leading the way, some great upward movement, it looks like we should continue and break these recent highs.Note
I will be targetting this 500 area for an exit. Ideally, we want ETH at this 500 and BTC to be in the 7600-8k range for an exit. If BTC has not hit those highs, ETH might have some room to run if it's already at 500. We'll see how this plays out.Don't be surprised if we get a pull back to 415-420 area at this juncture. We have already made a higher high which is a very bullish sign.
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