Ethereum (ETHUSD) printed the Adam & Eve bottom pattern and has been consolidating ever since... Now, the early signals are telling us that a new move is taking form... Feel free to hit LIKE to show your support... Let's get started!
We look at the MACD and RSI and we can find bullish divergence on both indicators compared to ETHUSD. The MACD bullish divergence is stronger than the RSI, but the signal can be easily spotted on both indicators.
We can notice a long-wick on today's candlestick... This signal needs a daily candle closure for confirmation.
The light blue area shows our potential range for additional consolidation... Above this area, we can easily see ETHUSD going bullish/higher... But if prices move below, we can easily go lower.
The arrows on the chart represent the main scenarios that I am looking at right now, they go as follow:
1) Another drop, quick, that will result in a strong bounce up after support is hit. 2) ETHUSD starts to move up slowly and then makes a strong move.
These are the main scenarios we are looking at right now.
We have an active trade for Ethereum (ETHUSD) on 7X leverage... We will share the full trade if enough people are interested in seeing it and hit like now (111).
Thanks a lot for your continued support.
Wishing you a great week ahead.
This is Alan Masters.
Namaste.
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