ETHUSD DAILY UPDATE - 21/06/2018
Correction of cycle from inception to 1,420.00 high is called completed at 358.40 and while above this level, we should see more upside and a challenge of 832.37 to initiate a bullish sequence. Until then, the altcoin is navigating within equal leg area at 581.61-174.72.
From 358.40, ethusd bounced in and is showing a motive 5 waves to 832.37 high which makes the case for a bullish view. Since that high dated 06/05/2018, correction has developed in the form of a triple correction (no rsi divergence) and correction is called completed 449.65 with a break of rsi trendline as shown on the chart.
Now, from a trading perspective (and we will see that in the 4h chart), it was difficult to buy this low at 449.65. Bulls should be long from 581.61 back in Feb 2018 with stops below 174.72 (for daily setup).
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
Will resume posting daily update next week
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
Correction of cycle from inception to 1,420.00 high is called completed at 358.40 and while above this level, we should see more upside and a challenge of 832.37 to initiate a bullish sequence. Until then, the altcoin is navigating within equal leg area at 581.61-174.72.
From 358.40, ethusd bounced in and is showing a motive 5 waves to 832.37 high which makes the case for a bullish view. Since that high dated 06/05/2018, correction has developed in the form of a triple correction (no rsi divergence) and correction is called completed 449.65 with a break of rsi trendline as shown on the chart.
Now, from a trading perspective (and we will see that in the 4h chart), it was difficult to buy this low at 449.65. Bulls should be long from 581.61 back in Feb 2018 with stops below 174.72 (for daily setup).
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
Will resume posting daily update next week
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
