Hello Traders!
Welcome back to yet another chart,
Today’s chart will be on ETHUSD’s recent developments
Points to consider
- Potential daily lower high in place
- EMA’s turning bullish
- Price broke through resistance , .618 Fibonacci Retracement
- RSI broke its resistance
- Stochs in upper region
- Bull Volume increasing
ETHUSD has had an impressive move on the daily chart where it looks like our lower high has been in place.
Bulls were able to break resistance, the, .618 Fibonacci Retracement level with increasing volume confirming that this is an actual breakout not a false break.
The RSI made it through its downwards trending resistance now testing up regions in the 60 area, there is still adequate room for higher levels. Stochastics have also shown its significance, testing upper regions showing us that there is still momentum projected upwards.
The EMA’s on the daily are crossing which is quite bullish, especially on this timeframe! Price has the potential to rally higher as the VPVR is showing decreasing volume of transactions…
It would be healthy for ETH to break this psychological number of $200 and then retrace back to retest support as this will help cool of the RSI and Stochastics before making another leg up.
We must also remember that this whole setup can be negated if BTC decides if it wants to get volatile again, so always use risk management!
What are your thoughts on ETHUSD, will it continue breaking upwards?
Please leave a like and comment,
And remember
“Dangers of watching every tick are twofold: overtrading and increased chances of prematurely liquidating good positions” – Jack Schwager
Welcome back to yet another chart,
Today’s chart will be on ETHUSD’s recent developments
Points to consider
- Potential daily lower high in place
- EMA’s turning bullish
- Price broke through resistance , .618 Fibonacci Retracement
- RSI broke its resistance
- Stochs in upper region
- Bull Volume increasing
ETHUSD has had an impressive move on the daily chart where it looks like our lower high has been in place.
Bulls were able to break resistance, the, .618 Fibonacci Retracement level with increasing volume confirming that this is an actual breakout not a false break.
The RSI made it through its downwards trending resistance now testing up regions in the 60 area, there is still adequate room for higher levels. Stochastics have also shown its significance, testing upper regions showing us that there is still momentum projected upwards.
The EMA’s on the daily are crossing which is quite bullish, especially on this timeframe! Price has the potential to rally higher as the VPVR is showing decreasing volume of transactions…
It would be healthy for ETH to break this psychological number of $200 and then retrace back to retest support as this will help cool of the RSI and Stochastics before making another leg up.
We must also remember that this whole setup can be negated if BTC decides if it wants to get volatile again, so always use risk management!
What are your thoughts on ETHUSD, will it continue breaking upwards?
Please leave a like and comment,
And remember
“Dangers of watching every tick are twofold: overtrading and increased chances of prematurely liquidating good positions” – Jack Schwager
