ETH/USD: Market Consolidation with a Bullish Perspective!
What’s up guys and welcome to my profile, my name is Gianni and today I’m going to analyse the ETH/USD, trying to translate the market information with a full technical analysis on different time frames perspectives.
For a better understanding of my bullish bias, let’s have a quick look on the monthly timeframe:
During the last 3 months the market has performed a strong bullish impulse, breaking a previous resistance area (now turned into support) in October.
A smaller green candle in November was definitely a first clue that the market was losing momentum and as the chart is currently showing, a bearish candle is now approaching to retest the support area, before to continue, eventually, the current uptrend.
Let’s switch now to the weekly timeframe:
The market is moving uptrend and it’s created a clear evening star candlestick pattern in November, followed by two weeks of equilibrium, clearly retesting now the previous monthly support area.
Switching to the daily timeframe, I can analyse better this specific situation:
As you can see in the chart, the market is following an uptrend, bouncing on a dynamic trendline.
The last bullish impulse is getting now a retracement and tested the level 0.38 of Fibonacci, that currently is a strong support/resistance area, as previously said.
Finally back to the 4h timeframe:
The market is definitely consolidating inside a price range between 3800 and 4800.
Before to start looking for a buy position I would wait for a retest of the support zone and a bullish price action with a RRR 1:2 or greater and only if every condition will be respected, then I will get my position according with my trading range strategy.
If you enjoy this trade idea, support my work with a thumb up and don’t forget to follow my profile for more detailed technical analyses!
Trade safe and responsibly,
Gianni
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
For a better understanding of my bullish bias, let’s have a quick look on the monthly timeframe:
During the last 3 months the market has performed a strong bullish impulse, breaking a previous resistance area (now turned into support) in October.
A smaller green candle in November was definitely a first clue that the market was losing momentum and as the chart is currently showing, a bearish candle is now approaching to retest the support area, before to continue, eventually, the current uptrend.
Let’s switch now to the weekly timeframe:
The market is moving uptrend and it’s created a clear evening star candlestick pattern in November, followed by two weeks of equilibrium, clearly retesting now the previous monthly support area.
Switching to the daily timeframe, I can analyse better this specific situation:
As you can see in the chart, the market is following an uptrend, bouncing on a dynamic trendline.
The last bullish impulse is getting now a retracement and tested the level 0.38 of Fibonacci, that currently is a strong support/resistance area, as previously said.
Finally back to the 4h timeframe:
The market is definitely consolidating inside a price range between 3800 and 4800.
Before to start looking for a buy position I would wait for a retest of the support zone and a bullish price action with a RRR 1:2 or greater and only if every condition will be respected, then I will get my position according with my trading range strategy.
If you enjoy this trade idea, support my work with a thumb up and don’t forget to follow my profile for more detailed technical analyses!
Trade safe and responsibly,
Gianni
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
