ETHUSD: Breakout structure and potential UPSIDE MOVEMENT
Hello, everybody and welcome to Cybernetics Trading Lab, today we are going to analyse the ETHUSD, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.[/I]
Top Down Technical Analysis:
In our previous forecast, we were quite bearish on this market considering the overall bearish momentum followed by several bearish structures.
Recently the market started squeezing and exploded to the upside with a strong and sharp impulse.
This allowed us to change our current bias, starting considering a different perspective.
As you can see in the chart, the market formed a falling wedge and it broke to the upside, correcting and eventually preparing for further upside movement.
When, where and why would we step into the market?
Currently, the price left the main structure and is consolidating just above it! Before entering any position, we would be waiting for a deeper correction, targeting the level 1800, area where the previous swing high could potentially reverse the overall market.
If the LTF structure fail, dropping without any confirmation, the overall setup will be invalidated and no action will be taken on this market.
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
Top Down Technical Analysis:
In our previous forecast, we were quite bearish on this market considering the overall bearish momentum followed by several bearish structures.
Recently the market started squeezing and exploded to the upside with a strong and sharp impulse.
This allowed us to change our current bias, starting considering a different perspective.
As you can see in the chart, the market formed a falling wedge and it broke to the upside, correcting and eventually preparing for further upside movement.
When, where and why would we step into the market?
Currently, the price left the main structure and is consolidating just above it! Before entering any position, we would be waiting for a deeper correction, targeting the level 1800, area where the previous swing high could potentially reverse the overall market.
If the LTF structure fail, dropping without any confirmation, the overall setup will be invalidated and no action will be taken on this market.
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
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