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Roundingbottom

Daily review of ETH interval 4HHello everyone, I invite you to update the latest ETH analysis on a four-hour interval. As we can see, the price followed the designated Rounding Bottom formation, broke the Resistance Level, then positively tested it and moved upwards, in accordance with the presented movement. Still the main resistance to which the price is heading is the $1477 level. However, when it comes to the support that we should take into account now, we can set the support at $ 1408, which is currently being tested by ETH, then our previous resistances are new support for us. As we can see on the CHOP index, the energy has been spent on the last upward move, while the RSI is moving in the upper range. These data may indicate a moment of respite and recovery of the indicators.
by cryptodailyuk
1
NVDA - Setting up (to Long)The semicons have been rising quite steadily since hitting the lows in mid October. NVDA has risen 63% from it's low in October and is now flirting with the 200 day Moving Average and a neckline resistence. Last Friday's candle was an inverted hammer which suggests it could consolidate below the neckline for a while more. With overall market momentum lacking, we are also seeing a fair number of false breakups. Hence always trade a breakup with only "test" positions with tight initial stops just slightly below the breakup levels. A more conservative trader would probably wait for the first pullback from the break up, ensure that the pullback do not invalidate the breakup (eg any pullback that went back below neckline) and then wait to buy the break high of the initial break up (point 4 on daily chart). While this means we are buying at a high level, it also help us avoid many fake breakups which a weak market is often fraud with. Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
NASDAQ:NVDALong
by Juliac
SHOP - formed a baseAfter falling more than 80% from it's peak of 176.29 on 19 Nov 2021, SHOP began to range sideways since May 2022, forming a rounded base. There was an attempt break up the neckline @ 45.43 on 11 Aug 2022 but it failed after filling a prior gap that happened on 4th May. It is now close to making another attempt at breaking up and there is a chance it could stall at the neckline (again). However, now that it is crossing above its 200 day moving average, its odds of breaking up successfully in the near future has increased. Long the breakup with an initial stop just slightly below it's 20 or 50 day moving average. Its momentum is strong as long as it continues to trend up along or above it's 20 day moving average. Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
NYSE:SHOPLong
by Juliac
4