Welcome to my second analysis on Tradingview. Today, we will have a look on ETH.
As we can see, the patterns on the chart are very similar to ones that we can find on BTC one. However in this case, the (in black) is a bit wider signalizing that we have not touched the bottom yet. is very indecisive, but still signalizing further downtrend. is ready to pierce the 30 level on the next attempt, is signalizing further downtrend (even though the MAs are converging). Considering the overall state of the chart signalizing further downside, the buy order to be put on the bottom of the at around 770 (which is exactly .5 fibonacci level) with stop loss below the chanel (740). Target 900.
Looking at the bigger picture, price of all cryptocurrencies is closely correlated with BTC . So.. the outcome heavily depends on the bigger brother.
This is not a trading advice, trade on your own :)