What's up traders, I hope you've all had a good start to the trading week.
Well done to everybody who have been following my latest analysis. We made significant points on the markets recently and I'm glad to be your one stop shop for constant, consistent, and profitable Cryptocurrency trades!
Remember, trade what you SEE not what you THINK.
Swiftly moving on, let's analyze ETH/USD on the 4H chart.
Analyzing the 4 hour chart, price is trading nice and high above the 50 moving average at 724. IF price uses the 50 moving average as a support level, this will indicate price will likely go to the upside target at 835 without a need for a retest to downside. If price manages to break below the 50 moving average, then I would expect price to go to the lows (With the lowest point being the lower horizontal support at 634) before any upside.
There is MANY support levels on the way to the lower support boundary at 634, for this reason, I will update this analysis as the trade plays out so that you are all kept in the loop, and you all may also learn something, which is exactly why I'm here! :-)
Ethereum is trading well above the horizontal support level, and seems to be trading well above the side-wards support level also as well as a potential flag set up which perfectly coincides with this set up. It is unknown right now if the flag has actually confirmed and broken, or another retest needs to take place. We must just watch it. Personally, I reckon some more downside makes sense before upside, as the up move so far seems a little naive.
I will update this analysis when I receive above 40 likes.
Well done to everybody who have been following my latest analysis. We made significant points on the markets recently and I'm glad to be your one stop shop for constant, consistent, and profitable Cryptocurrency trades!
Remember, trade what you SEE not what you THINK.
Swiftly moving on, let's analyze ETH/USD on the 4H chart.
Analyzing the 4 hour chart, price is trading nice and high above the 50 moving average at 724. IF price uses the 50 moving average as a support level, this will indicate price will likely go to the upside target at 835 without a need for a retest to downside. If price manages to break below the 50 moving average, then I would expect price to go to the lows (With the lowest point being the lower horizontal support at 634) before any upside.
There is MANY support levels on the way to the lower support boundary at 634, for this reason, I will update this analysis as the trade plays out so that you are all kept in the loop, and you all may also learn something, which is exactly why I'm here! :-)
Ethereum is trading well above the horizontal support level, and seems to be trading well above the side-wards support level also as well as a potential flag set up which perfectly coincides with this set up. It is unknown right now if the flag has actually confirmed and broken, or another retest needs to take place. We must just watch it. Personally, I reckon some more downside makes sense before upside, as the up move so far seems a little naive.
I will update this analysis when I receive above 40 likes.
I now expect a retest either on the side-wards support line, or a retest of the horizontal support zone AND the side-wards support line simultaneously which would actually prove to be better than the first scenario.
Although being better as a reliable scenario, it does involve waiting for Ethereum to correct for a longer period of time.