Trend Analysis
The main view of this trade idea is on the 15-Min Chart. The cryptocurrency Ethereum (ETH) has been in a rangebound movement over the last couple of trading sessions, between the 3830 and 4000 price levels. Expectations are for ETH to break above the 4000 price level and rally towards 4170 price level. To negate this move, ETH will have to decline towards the 3800 price level.
Technical Indicators
The cryptocurrency is currently at its long term (300-SMA) moving average. Also, its Awesome Oscillator (AO) remains in positive territory. The breakout in ETH will occur when there is a positive crossover on the Parabolic Stop and Reverse (PSAR) indicator.
Recommendation
The recommendation will be to go long at market, when the PSAR signals a buy. Stop loss will be set around the 3800 price level with a target of 4170. This produces a risk reward ratio of 1.87.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in ETH.
The main view of this trade idea is on the 15-Min Chart. The cryptocurrency Ethereum (ETH) has been in a rangebound movement over the last couple of trading sessions, between the 3830 and 4000 price levels. Expectations are for ETH to break above the 4000 price level and rally towards 4170 price level. To negate this move, ETH will have to decline towards the 3800 price level.
Technical Indicators
The cryptocurrency is currently at its long term (300-SMA) moving average. Also, its Awesome Oscillator (AO) remains in positive territory. The breakout in ETH will occur when there is a positive crossover on the Parabolic Stop and Reverse (PSAR) indicator.
Recommendation
The recommendation will be to go long at market, when the PSAR signals a buy. Stop loss will be set around the 3800 price level with a target of 4170. This produces a risk reward ratio of 1.87.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in ETH.
Trade closed: stop reached