If we analyse current year daily chart, we can see that we are still in bull market, which is unclear to many people. Recession in the beginning of September was very quick and price bounced up and undo half of loss. Uptrend line connecting March, when this drift started, and July is still not broken.
The main character of this chart is Ichimoku Cloud. This year price moved from below to above 2 times, and one time penetrated it from above. There was also at least one repulse. And now it is fight between them all who will triumph once more. The recovery is taking upper hand. Same as last time price can stay a while in a cloud but eventually it should move up.
Looking at the RSI, the correction is not over, what we could see today, as the price hit upper local chanel and dropped to 360 USD and may even go to 310 USD. From May to July the RSI slowly moved down and hit ~40, but people decided to buy more and started another move upward. Then starting in August RSI was really stretching reaching 90, and turned back. In recent days, I am inclined to think the RSI may once again bounce from ~40 levels.
Yellow drawing on Stoch may be bending reality to imaginary curves, but at the same time it may be just another confirmation of the same price swing we saw 3 months ago.
We can also take Elliott Wave and connect apexes marked (0) (1) (2) (3) (4) and try to predict where will (5) be.
If you enter now, you can make a target on 400 USD, with stop loss on 345 USD. Or if you aiming high wait till 480 or above, but update your stop loss! Good luck.
The main character of this chart is Ichimoku Cloud. This year price moved from below to above 2 times, and one time penetrated it from above. There was also at least one repulse. And now it is fight between them all who will triumph once more. The recovery is taking upper hand. Same as last time price can stay a while in a cloud but eventually it should move up.
Looking at the RSI, the correction is not over, what we could see today, as the price hit upper local chanel and dropped to 360 USD and may even go to 310 USD. From May to July the RSI slowly moved down and hit ~40, but people decided to buy more and started another move upward. Then starting in August RSI was really stretching reaching 90, and turned back. In recent days, I am inclined to think the RSI may once again bounce from ~40 levels.
Yellow drawing on Stoch may be bending reality to imaginary curves, but at the same time it may be just another confirmation of the same price swing we saw 3 months ago.
We can also take Elliott Wave and connect apexes marked (0) (1) (2) (3) (4) and try to predict where will (5) be.
If you enter now, you can make a target on 400 USD, with stop loss on 345 USD. Or if you aiming high wait till 480 or above, but update your stop loss! Good luck.
Trade closed: target reached:
First target slightly below 400$ reached.
Then we bounced again from top of Ichimoku Cloud on 1D. Bearish Long Upper Shadow on 4h was followed by price drops. Volume did not increase with price. We should see some drops now. Possibly even reaching 340$.
Then we bounced again from top of Ichimoku Cloud on 1D. Bearish Long Upper Shadow on 4h was followed by price drops. Volume did not increase with price. We should see some drops now. Possibly even reaching 340$.
On the other hand, ETHBTC pair is moving in channel and there is a possibility it will bounce and go up.