Candlesticks, Levels, Moving Averages: Ethereum Has Them All
Traders in search of potentially bullish patterns don't have to look hard on the BITMEX:ETHUSD chart.
The No. 2 cryptocurrency has key basing patterns, candlestick patterns, levels and moving averages -- all seeming to point higher.
First, the basing pattern: ETHUSD made a low around $132 on November 25 and another low of $116 on December 18. But then the next low on January 25 was all the way up at $155.
That bounce at $155 followed a large bullish day on January 14, representing continuation of an early upward move. It also occurred at the same $157.50 zone that was support in September and October, and then resistance in late November.
Speaking of resistance becoming support, check out the 100-day simple moving average. ETHUSD couldn't break it in November, but this month prices consolidated above the same line.
Turning to candlesticks: The weekly chart had a bullish inside candle. Today's move broke the top of that candle. And then on the daily chart, today has a bullish outside candle, with a lower low and a higher high.
All of this is taking place as ETHUSD breaks above its 200-day SMA. The next zone to watch could roughly $196 where it peaked in October and November.
The No. 2 cryptocurrency has key basing patterns, candlestick patterns, levels and moving averages -- all seeming to point higher.
First, the basing pattern: ETHUSD made a low around $132 on November 25 and another low of $116 on December 18. But then the next low on January 25 was all the way up at $155.
That bounce at $155 followed a large bullish day on January 14, representing continuation of an early upward move. It also occurred at the same $157.50 zone that was support in September and October, and then resistance in late November.
Speaking of resistance becoming support, check out the 100-day simple moving average. ETHUSD couldn't break it in November, but this month prices consolidated above the same line.
Turning to candlesticks: The weekly chart had a bullish inside candle. Today's move broke the top of that candle. And then on the daily chart, today has a bullish outside candle, with a lower low and a higher high.
All of this is taking place as ETHUSD breaks above its 200-day SMA. The next zone to watch could roughly $196 where it peaked in October and November.
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