This is just technical analysis. Do not follow this trade blindly!
Hi fellow traders!
ETHUSD is currently 3.19% up from yesterday in terms of market price, seeing a surge over the past 24 hours.
So, is it now time for a pullback, or to try and break through all-time highs?
Personally, looking at ETH from a technical stance, it is currently in a parallel channel, where I believe we will see it float about rising till we look to hit around its first daily resistance region, which is around $177.00.
This could occur in 2 ways, so I will go through both specifically.
Scenario 1: (WHITE ARROWS)
Considering this pair from the 4H chart (although the 1H is posted on this trade analysis), there looks like there is time to see some bullish price action, so we could see a bounce towards the resistance region of $177.00, and then a consequent sell-off as this resistance region has been a strong barrier for the bulls from the 11/04/2019. This could mean a pullback, as forecasted from the 1D chart towards the $165.25 support region.
Scenario 2: (GREEN ARROWS)
On the 1H, there appears to be a bullish hammer printed on the chart. This will pave way for bullish price action, but there is more to think about. The 1H support level drawn in a yellow box has acted as support of the past couple of hours, and I think there is a possibility that in the next few hours, this could break as it is retested. This could give way for a tap of the support line on the parallel channel drawn in blue lines, before seeing a tap to the upside.
In the end, we are looking for an upside push!
The main targets of this trades are as follows:
First Upside Target: AROUND $177.00
Consequent Main Downside Target: AROUND $165.25
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Hi fellow traders!
ETHUSD is currently 3.19% up from yesterday in terms of market price, seeing a surge over the past 24 hours.
So, is it now time for a pullback, or to try and break through all-time highs?
Personally, looking at ETH from a technical stance, it is currently in a parallel channel, where I believe we will see it float about rising till we look to hit around its first daily resistance region, which is around $177.00.
This could occur in 2 ways, so I will go through both specifically.
Scenario 1: (WHITE ARROWS)
Considering this pair from the 4H chart (although the 1H is posted on this trade analysis), there looks like there is time to see some bullish price action, so we could see a bounce towards the resistance region of $177.00, and then a consequent sell-off as this resistance region has been a strong barrier for the bulls from the 11/04/2019. This could mean a pullback, as forecasted from the 1D chart towards the $165.25 support region.
Scenario 2: (GREEN ARROWS)
On the 1H, there appears to be a bullish hammer printed on the chart. This will pave way for bullish price action, but there is more to think about. The 1H support level drawn in a yellow box has acted as support of the past couple of hours, and I think there is a possibility that in the next few hours, this could break as it is retested. This could give way for a tap of the support line on the parallel channel drawn in blue lines, before seeing a tap to the upside.
In the end, we are looking for an upside push!
The main targets of this trades are as follows:
First Upside Target: AROUND $177.00
Consequent Main Downside Target: AROUND $165.25
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Note
First target hit to precision ;)Trade closed: target reached
Trade closed: target reached
And as stated, the second bearish signal has now reached TP!
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.
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.