Ether's daily close is critical for upward momentum
The daily close at 183 euros (roughly 200 US dollars) looks critical for Ether now. This price is also the 61.8%. Retracement from the August 2019 high at the months beginning. It has been hovering around that area for the last 24 hours without any success in overcoming it. There was a good sell-off yesterday to 170 euros, which was quickly absorbed by the bulls, possibly providing liquidity at the price.
Sooner, the daily closes above it, the better Ether becomes for longs. But this looks like it could take a while. A good aspect for the ‘Bulls’ is the relative increase in volume (not significantly) of buying at this price now which could increase the price. Additionally, the daily RSI is low, but has a hidden bearish divergence on the 4hours.
I will be placing my buy orders at 173-175 euros region with a stop-loss at 170 euros. My expected price movement is drawn above because I feel there will be a little selling off at this resistance level before price jumps above.
PS: Not a financial advise, just my own ideas and risk while I learn to lose money.
Sooner, the daily closes above it, the better Ether becomes for longs. But this looks like it could take a while. A good aspect for the ‘Bulls’ is the relative increase in volume (not significantly) of buying at this price now which could increase the price. Additionally, the daily RSI is low, but has a hidden bearish divergence on the 4hours.
I will be placing my buy orders at 173-175 euros region with a stop-loss at 170 euros. My expected price movement is drawn above because I feel there will be a little selling off at this resistance level before price jumps above.
PS: Not a financial advise, just my own ideas and risk while I learn to lose money.
Trade active:
Bids were accepted. Now waiting for the price move upwards to go and attack the 180-183 euros (200 US dollars) resistance.
Stop-loss set at 166 euros
Stop-loss set at 166 euros
Comment:
Re-longed from 164 euros after stop-loss was hit.