ETHUSDT has broken previous resistance. What next ?
This analysis is for ETHUSDT on Binance using 4H timeframe
I am using below setup for this analysis
Moving Averages Used: 20/50/100/200
Indicator used : RSI
Also using support and resistance lines.
As we can see the RSI is overbought (Trading above 70), but at the same time ETH have broken the previous resistance. Relative Strength Index can stay in overbought or oversold zones for a much longer time. At the same time, the moving averages have crossed up i.e EMA20 crosses up EMA50, and EMA50 crosses up EMA100 and so on which is again a bullish sign.
On the other hand, if RSI turns to go down the overbought zone, it might go as low as 60, accumulate over there because now the previous resistance broken looks like a support. If this support is broken, however it it could go down to the immediate support at $1900's.
Ethereum could also accumulate between $1900 and $2050 and move up further, as daily and weekly shows a bullish bias.
If you plan to go long in the accumulation zone, put your SL's under $1900 and take periodic profits as you go up.
Happy Trading
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I am using below setup for this analysis
Moving Averages Used: 20/50/100/200
Indicator used : RSI
Also using support and resistance lines.
As we can see the RSI is overbought (Trading above 70), but at the same time ETH have broken the previous resistance. Relative Strength Index can stay in overbought or oversold zones for a much longer time. At the same time, the moving averages have crossed up i.e EMA20 crosses up EMA50, and EMA50 crosses up EMA100 and so on which is again a bullish sign.
On the other hand, if RSI turns to go down the overbought zone, it might go as low as 60, accumulate over there because now the previous resistance broken looks like a support. If this support is broken, however it it could go down to the immediate support at $1900's.
Ethereum could also accumulate between $1900 and $2050 and move up further, as daily and weekly shows a bullish bias.
If you plan to go long in the accumulation zone, put your SL's under $1900 and take periodic profits as you go up.
Happy Trading
For more trading ideas, follow us