TL:DR - Waiting for the market to decide what it wants to do, picture less bullish than when I last posted.
This is the Eth:USD chart with 1d candles. I opened a long at $706 as discussed in my earlier analysis for 4 reasons: (1) we broke above the downtrend (2) We closed above the 9MA, (3) we were bouncing off of strong support at $680 (4) bullish price action on the 4h chart. Clearly this trade has not fared well however it is still open as I have set my Stop-Loss lower so it is yet to be seen if it is a winner.
Currently the market just looks noisy. It does not give me any signals one way or another as we have traded essentially flat for the last 10 days. The black dotted downtrend line may no longer be valid. We closed above the 9MA yesterday however we look likely to close below it today which is disheartening for my swing trade; two closes above the 9 MA would have signaled further bullishness.
The head and shoulders starting April 24th is still a possibility. If we do form a H&S the price objective would be $500 which coincides nicely with a support area.
I will continue to update the chart as things develop.
***This is not investing advice. I am not an investing professional. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
This is the Eth:USD chart with 1d candles. I opened a long at $706 as discussed in my earlier analysis for 4 reasons: (1) we broke above the downtrend (2) We closed above the 9MA, (3) we were bouncing off of strong support at $680 (4) bullish price action on the 4h chart. Clearly this trade has not fared well however it is still open as I have set my Stop-Loss lower so it is yet to be seen if it is a winner.
Currently the market just looks noisy. It does not give me any signals one way or another as we have traded essentially flat for the last 10 days. The black dotted downtrend line may no longer be valid. We closed above the 9MA yesterday however we look likely to close below it today which is disheartening for my swing trade; two closes above the 9 MA would have signaled further bullishness.
The head and shoulders starting April 24th is still a possibility. If we do form a H&S the price objective would be $500 which coincides nicely with a support area.
I will continue to update the chart as things develop.
***This is not investing advice. I am not an investing professional. All investors should seek guidance from licensed financial advisers and not random people on the internet.***