Failed to break the major resistance, what's now for Ether?
Hello there, this is our view on ETHUSD, enjoy!
Analysis:
-On chart
It's been a while since I last posted an analysis, coronavirus is spreading in Italy and we had some problems in dealing with it. But now let me explain: bigger triangle pattern made up of downtrend since ath and uptrend since its own release, price is very likely not to break this channel until btc is marking new yearly highs. Then a smaller falling wedge has formed and enough volume supply could keep the price inside of this continuation (bullish) pattern. Also a pitchfork drawn, those levels are those which are more likely to resist/support the price, so they also identify larger candles if broken. All supports (h4, d, w, m) are on chart together with fibo levels calculated on different retracements. At last a bearish flag built and we're preferably following it unless volumes are coming in and changing this situation. Different SMAs have formed golden crosses very lately, so we may expect a minor resistance breakout from here. On the other side SMA 50-200 is about to form a death cross, supporting the bearish scenario. Also EMAs multiple golden crosses and there's no sign of negation of the 50-200 golden cross. WMA 200 gives a very bearish signal as it needs a retest before a big red candle can take place. Price is currently far above the mid bollinger band, so we're more likely to go up from this accumulation period of time. The ichimoku cloud is very large and bearish at the moment, but it can turn bullish if we entered it very soon. At last wave count suggests a little rally in order to prepare the triangle waves down.
-Technicals
Fisher transform, as most of oscillators, has formed a bullish divergence with price. This same divergence is also on chaikin, money flow, rsi, stochastic (14,3,3) and ultimate, most of them starting from oversold. Awesome and macd are in conflict with one another as the first is bullish while the last states bearish momentum. I personally prefer macd as it confirmed a momentum reversal breakout by forming a golden cross on February 28. There is a small G accumulation on recent candles, we're moving straight through it as a little volume comes supporting us.
Strategy:
I honestly prefer less operations but very precise ones, even though now we're approaching it with two strategies together. You could try them too:
1.Entry (long): 226.35 - 223.09
Target (short-term): 250 - 265.49 - 280.60 (risky this one)
Stoploss: 209.98
Risk/reward: 2.17
2.Entry (short): 250 - 265.49 - 280.60 (highly recommended if breaks other two)
Target (short-term): 212.35 - 200 - 187.12 (main target)
Stoploss: 290
Risk/reward: 3.02
Disclaimer: this is not a trading advice as it could seem like, we're just enjoying ourselves and spending our time onto this activity. Don't ever trade money you can't afford to lose. Don't do such a trade if you're not self-conscious about what you're doing. If cryptocurrencies are not regulated in your country use them only for speculative interests until they'll be. Feel free to ask us every question you have.
Trade safe, Anlvis.
Analysis:
-On chart
It's been a while since I last posted an analysis, coronavirus is spreading in Italy and we had some problems in dealing with it. But now let me explain: bigger triangle pattern made up of downtrend since ath and uptrend since its own release, price is very likely not to break this channel until btc is marking new yearly highs. Then a smaller falling wedge has formed and enough volume supply could keep the price inside of this continuation (bullish) pattern. Also a pitchfork drawn, those levels are those which are more likely to resist/support the price, so they also identify larger candles if broken. All supports (h4, d, w, m) are on chart together with fibo levels calculated on different retracements. At last a bearish flag built and we're preferably following it unless volumes are coming in and changing this situation. Different SMAs have formed golden crosses very lately, so we may expect a minor resistance breakout from here. On the other side SMA 50-200 is about to form a death cross, supporting the bearish scenario. Also EMAs multiple golden crosses and there's no sign of negation of the 50-200 golden cross. WMA 200 gives a very bearish signal as it needs a retest before a big red candle can take place. Price is currently far above the mid bollinger band, so we're more likely to go up from this accumulation period of time. The ichimoku cloud is very large and bearish at the moment, but it can turn bullish if we entered it very soon. At last wave count suggests a little rally in order to prepare the triangle waves down.
-Technicals
Fisher transform, as most of oscillators, has formed a bullish divergence with price. This same divergence is also on chaikin, money flow, rsi, stochastic (14,3,3) and ultimate, most of them starting from oversold. Awesome and macd are in conflict with one another as the first is bullish while the last states bearish momentum. I personally prefer macd as it confirmed a momentum reversal breakout by forming a golden cross on February 28. There is a small G accumulation on recent candles, we're moving straight through it as a little volume comes supporting us.
Strategy:
I honestly prefer less operations but very precise ones, even though now we're approaching it with two strategies together. You could try them too:
1.Entry (long): 226.35 - 223.09
Target (short-term): 250 - 265.49 - 280.60 (risky this one)
Stoploss: 209.98
Risk/reward: 2.17
2.Entry (short): 250 - 265.49 - 280.60 (highly recommended if breaks other two)
Target (short-term): 212.35 - 200 - 187.12 (main target)
Stoploss: 290
Risk/reward: 3.02
Disclaimer: this is not a trading advice as it could seem like, we're just enjoying ourselves and spending our time onto this activity. Don't ever trade money you can't afford to lose. Don't do such a trade if you're not self-conscious about what you're doing. If cryptocurrencies are not regulated in your country use them only for speculative interests until they'll be. Feel free to ask us every question you have.
Trade safe, Anlvis.
Trade active:
Hit all our entries long, it will now depend on buy volume. You could increase your LONG position by buying more at 212.35 if it ever gets there