Short analysis on ETHUSD.
4 reasons to long:
1. Broke 300 support with little resistance
2. New high on yesterday daily bar
3. Pinbar technical pattern just formed on H4 time frame
4. Broke the 50% retracement, awaiting 61.8 break @ 323 (will add positions once broken with confidence)
5. BTCUSD bounced off 61.8% retracement a couple of days ago. Given ETH and BTC are closely correlated, it won't be hard psychologically for ETH buyers to hold over 61.8% level for ETHUSD.
Overall: BUY
4 reasons to long:
1. Broke 300 support with little resistance
2. New high on yesterday daily bar
3. Pinbar technical pattern just formed on H4 time frame
4. Broke the 50% retracement, awaiting 61.8 break @ 323 (will add positions once broken with confidence)
5. BTCUSD bounced off 61.8% retracement a couple of days ago. Given ETH and BTC are closely correlated, it won't be hard psychologically for ETH buyers to hold over 61.8% level for ETHUSD.
Overall: BUY
Note
**Correction: 5 reasons :)Note
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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.