ETH Long Target Hit! Where Are We Going From Here?
It was only a few days ago when we made our ETH price prediction of 1430 and it already hit! Now I'm going to go over my next price prediction and where we're going from here!
Indicators used:
200 EMA
RSVP Extractor (my indicator you can purchase)
Stoch RSI
I mentioned in my last idea that our major price resistance for ETH was 1430. Now that we've hit it, I'm expecting a pullback to the 1270 level which was our previous resistance (now turned support). This can be validated from a couple things. First, our RSVP Extractor is overbought on the 8hr and the Stoch RSI is overbought as well (although it looks like it may want to have a retest of 1430 for a double top before coming back down so we'll have to see if that plays out). Either way, I'm expecting a pullback to 1270 at some point. If we end up breaking the 1430 level on ETH, my next major resistance will the 1550 level which coincides with our 8hr resistance AND the 200 EMA level which has show to be major resistance for the past couple of months. If we can break that, I STRONGLY believe we'll start our bull run again (at least for a couple of months).
If we break below our support of 1230-1270, our next micro support is at 1165 and the major support is at 1040 (followed by 950 and 880 respectively). These are all of the levels I would be watching closely for longs or shorts:
If you're looking for shorts -wait for a retest of 1430 then 1550
If you're looking for longs - wait for a retest of 1270,1165, then 1040
If you enjoyed my TA or have any questions about the indicators used, please leave a comment below or send me a DM :)
Indicators used:
200 EMA
RSVP Extractor (my indicator you can purchase)
Stoch RSI
I mentioned in my last idea that our major price resistance for ETH was 1430. Now that we've hit it, I'm expecting a pullback to the 1270 level which was our previous resistance (now turned support). This can be validated from a couple things. First, our RSVP Extractor is overbought on the 8hr and the Stoch RSI is overbought as well (although it looks like it may want to have a retest of 1430 for a double top before coming back down so we'll have to see if that plays out). Either way, I'm expecting a pullback to 1270 at some point. If we end up breaking the 1430 level on ETH, my next major resistance will the 1550 level which coincides with our 8hr resistance AND the 200 EMA level which has show to be major resistance for the past couple of months. If we can break that, I STRONGLY believe we'll start our bull run again (at least for a couple of months).
If we break below our support of 1230-1270, our next micro support is at 1165 and the major support is at 1040 (followed by 950 and 880 respectively). These are all of the levels I would be watching closely for longs or shorts:
If you're looking for shorts -wait for a retest of 1430 then 1550
If you're looking for longs - wait for a retest of 1270,1165, then 1040
If you enjoyed my TA or have any questions about the indicators used, please leave a comment below or send me a DM :)
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