Hey traders! This time I would like to share with you my ETHUSD analysis. Something curious about it, is that it is quite similar of my Ripple's analysis. In both cases, I identified the same pattern (pennant formation). Additionaly, both coin's current price are preceded by a big price movement (in ETH case, it increased 166% while Ripple increased 321%, both in just two days!) which is exactly one of the conditions of the pattern, and therefore supports the idea of a Pennant pattern formation. As you can see, MACD is showing the beginning of an uptrend, additionaly, Volume has already started increasing. These signals are important, since they support the idea of ETH price will get to the $1.000 target.
What's next? According to technical analysis theory, we can wait for an increment of 166% Ether's price in next days (which is the current height of the pole). This target might be too ambitious, that's why I recommend you to have several targets, as the half of pole's height.
MY ORDERS:
BUY STOP: 740
Take Profit 1: 850
Take Profit 2: 990
Remember numbers can vary depending on your risk profile and price expectations. The numbers I propose should be use as a reference :)
If you find this analysis helpful, don't forget to follow, like and comment. I use to upload new analysis every day :)
What's next? According to technical analysis theory, we can wait for an increment of 166% Ether's price in next days (which is the current height of the pole). This target might be too ambitious, that's why I recommend you to have several targets, as the half of pole's height.
MY ORDERS:
BUY STOP: 740
Take Profit 1: 850
Take Profit 2: 990
Remember numbers can vary depending on your risk profile and price expectations. The numbers I propose should be use as a reference :)
If you find this analysis helpful, don't forget to follow, like and comment. I use to upload new analysis every day :)
Comment:
Take Profit 1 reached.
