ForecastCity

💡Don't miss the great buy opportunity in Ethereum/Bitcoin

Long
BITFINEX:ETHBTC   Ethereum / Bitcoin
Midterm forecast:
While the price is above the support 0.02275, resumption of uptrend is expected.
We make sure when the resistance at 0.02965 breaks.
If the support at 0.02275 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:
The RSI bounced from the uptrend #1 and it prevented price from more losses.
While the RSI downtrend #2 is not broken, bearish wave in price would continue.
A trough is formed in daily chart at 0.02300 on 01 /02/2021, so more gains to resistance(s) 0.02635, 0.02745 and maximum to Major Resistance (0.02965) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index ( RSI ) is 45.

Trading suggestion:
There is possibility of temporary retracement to suggested Buy Zone (0.0245 to 0.02275). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set buy orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

. Beginning of entry zone (0.0245)
. Ending of entry zone (0.02275)

Trade Setup:
We opened 11 BUY trade(s) @ 0.02614 based on 'Valley' entry method at 2021. 01 .03.

Midterm forecast:
While the price is above the support 0.02275, resumption of uptrend is expected.
We make sure when the resistance at 0.02965 breaks.
If the support at 0.02275 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:
The RSI bounced from the uptrend #1 and it prevented price from more losses.
While the RSI downtrend #2 is not broken, bearish wave in price would continue.
A trough is formed in daily chart at 0.02300 on 01 /02/2021, so more gains to resistance(s) 0.02635, 0.02745 and maximum to Major Resistance (0.02965) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index ( RSI ) is 45.

Trading suggestion:
There is possibility of temporary retracement to suggested Buy Zone (0.0245 to 0.02275). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set buy orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

. Beginning of entry zone (0.0245)
. Ending of entry zone (0.02275)

Trade Setup:
We opened 11 BUY trade(s) @ 0.02614 based on 'Valley' entry method at 2021. 01 .03.

Take Profits:
TP1= @0.02635
TP2= @0.02745
TP3= @0.02965
TP4= @0.03185
TP5= @0.0333
TP6= @0.04045
TP7= @0.04850
TP8= @0.05695
TP9= @0.06955
TP10= @0.08550
TP11= Free

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Comments

nice analysis and well explicit
+1 Reply
ForecastCity ngwairving17
@ngwairving17, We appreciate your support.
Reply
Thanks for the idea. Keep updating it 👏
+1 Reply
ForecastCity Pro_Trader_007
@Pro_Trader_007, Thank you for your comment. 💎🙏💎 We appreciate it and wish you the best of luck.
Reply
Loved it !
+1 Reply
ForecastCity TRADESBYZION
@TRADESBYZION, Thank you for your comment. 💎🙏💎
Reply
👏
+1 Reply
@fxpays, 🍀 🙏 🍀
Reply
I like your excellent analysis
+1 Reply
ForecastCity DenizKilicDeniz
@DenizKilicDeniz, Thank you. We are glad you like it. Hope you make the most out of it.
Reply
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