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 :)
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Hey @SoyDan :) ! I think we have to wait a little longer, I think Ripple has a lot of potencial, and many people is talking about its features and advantages. Be patient and trade safe :)
techhnyne
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so after you take profit 1 where do you expect to buy back in to reach profit 2 or will you not pull out at 1?
Juanchobanano
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Hey @techhnyne :) ! You can develop several strategies with both take profit levels. As you mentioned before, you can close all your operations once the price has reach take profit 1. Other possibility is to close the half of your operation once price has reached take profit 1, and the other half once the price has reached take profit 2, and finally, close all your operation once the price has reached take profit 2 :)