Good afternoon, it's not normally this late in the day that I post my BITSTAMP:ETHUSD forecast but here goes nothing!
I am expecting a short term re-test of the previously formed support level, I will open a long position from around here and expect to close somewhere near the upper resistance line of the current channel we're in. Don't be afraid of a retracement, take advantage of the possibilities that follow and watch from a safe distance.
This would of course be invalidated if we were to re-test and break the all-time-high at around $1955, we previously smashed my price target of $1920 from my analysis on the 18th of January 2021. Once we broke the dotted Fibonacci line Ethereum's rocket boosters activated.
It's important that we pay close attention to what the MACD and Stochastic indicators are telling us, my tip is to back-test similar levels using a horizontal line and see the results.
As always, thank-you for following me and my analysis; I hope that I help every single person that reads these charts and teach them at least something. Please feel free to follow me for more, comment below and like this idea! I will make an effort to reply to comments. Please use risk management when trading, it is essential that you practice and do your own research before risking any money on the market.
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It looks like the short term bullish scenario is playing out!
@CountOnCrypto, I know mate, well done!
but I'd liked to went down and then take 2k exactly like you have been drawing ! anyway congratulation ;) we had the same ideas