$ETH #ETHEREUM ETHUSD 4H Chart forming a big Cup and Handle
Hello Lads and Ladies,
Today we are looking into ETHUSD. As we see on 4h Chart it has formed almost a perfect cup and handle formation. Right now it seems like it is ending the handle and testing the resistance of the handle, yet RSI is at almost 70 points, indicating it being heavily oversold soon. Therefore I believe it will retrace once more to 550 - 500$ and there enter the buy zone. From which it would have a HUGE move over the neckline which is located at 800$ and might even head to test 950$ and then 1100$ resistance.
ANYHOW, it could break out right now and start the run within the next few days, this is in my opinion not likely because we would have to see huge jump in the whole market. Yet the indicated buy zone should lie in this timeframe where the market has strong moves.
There is also the bearish possibility indicated where the chart would continue in this handle channel all ways to 361$ again, from where the possibility of a bounce back up would be even higher.
In summary I would wait and see to where it retraces, if it comes down to the indicated buy zone, the targets would be as already stated:
Target 1 800$
Target 2 950$
Target 3 1100$
Like and Follow me and you will find this page interesting because I am a TA expert and day trader that does daily updates and new posts about the hottest and most discussed coins.
Cheers, Tomas
Today we are looking into ETHUSD. As we see on 4h Chart it has formed almost a perfect cup and handle formation. Right now it seems like it is ending the handle and testing the resistance of the handle, yet RSI is at almost 70 points, indicating it being heavily oversold soon. Therefore I believe it will retrace once more to 550 - 500$ and there enter the buy zone. From which it would have a HUGE move over the neckline which is located at 800$ and might even head to test 950$ and then 1100$ resistance.
ANYHOW, it could break out right now and start the run within the next few days, this is in my opinion not likely because we would have to see huge jump in the whole market. Yet the indicated buy zone should lie in this timeframe where the market has strong moves.
There is also the bearish possibility indicated where the chart would continue in this handle channel all ways to 361$ again, from where the possibility of a bounce back up would be even higher.
In summary I would wait and see to where it retraces, if it comes down to the indicated buy zone, the targets would be as already stated:
Target 1 800$
Target 2 950$
Target 3 1100$
Like and Follow me and you will find this page interesting because I am a TA expert and day trader that does daily updates and new posts about the hottest and most discussed coins.
Cheers, Tomas
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