What's up traders,
We've had lots of success on our Cryptocurrency analysis lately, let's carry on!
Here we are analyzing ETH/USD on the 4H chart.
Ethereum is currently trading at 567 after bouncing perfectly on our side-wards support line at 552 from our analysis which offered the signal that Ethereum has potential to rise to rise nicely. Price has completed the up swing we previously predicted. As it stands, there is now 2 support levels that could come into play before the up move. There is the side-wards support line at 552 which could continue to stay in play. There is also a lower support zone at 455, which is where we will look for buy opportunities if the side-wards support fails to hold.
Price is likely to continue the up move, where I recommend watching for buys at only the 2 levels above for the time being. Buying before seeing a sufficient retest on the side-wards support at 552 and a breakout is not an intelligent move.
After the corrective move has finished, I am expecting the bulls to shove the market once again.
Bare in mind, that a retest is very good for creating a new position, which is friendly for traders, and investors alike.
I will update this analysis when I receive above 40 likes.
We've had lots of success on our Cryptocurrency analysis lately, let's carry on!
Here we are analyzing ETH/USD on the 4H chart.
Ethereum is currently trading at 567 after bouncing perfectly on our side-wards support line at 552 from our analysis which offered the signal that Ethereum has potential to rise to rise nicely. Price has completed the up swing we previously predicted. As it stands, there is now 2 support levels that could come into play before the up move. There is the side-wards support line at 552 which could continue to stay in play. There is also a lower support zone at 455, which is where we will look for buy opportunities if the side-wards support fails to hold.
Price is likely to continue the up move, where I recommend watching for buys at only the 2 levels above for the time being. Buying before seeing a sufficient retest on the side-wards support at 552 and a breakout is not an intelligent move.
After the corrective move has finished, I am expecting the bulls to shove the market once again.
Bare in mind, that a retest is very good for creating a new position, which is friendly for traders, and investors alike.
I will update this analysis when I receive above 40 likes.
If price begins to see volume, we can watch for a buy opportunity very soon.