OVERVIEW
Trade set up based on mid term support @2142.00 as well as a 2-month bearish trend breakout along with a Bullish Engulfing Pattern shown in 1D chart. Price just broke a midterm bearish trend with a short term bullish trend, and is trying to maintain with strong mid/long term indicator data.
Also, based on Fib Retracement, price is looking to confirm a 50% fib level from almost three weeks ago, but it comes stronger now from the support mentioned where demand spikes (<$2000). Once price gets confirmed at (0.50), the next level (0.618), which is historically bullish for long/mid term strategies, will be tested . As it holds up, the target is to find profit off this breakout confirmation and find an overall bullish momentum in the crypto market.
Profit targets were set up based on the Long Position tool upon the already marked support and resistance prices. Entry Level must be from a lower price range to gain short term RSI strength to then proceed to the first target just discussed and so on. The four profit targets shall go to 25% while max downside is 12% approximately.
Entry Price (Buy Zone): <$2142.62
Target Prices: (1) $ 2278.84 (2) $ 2411.99 (3) $ 2602.10 (4) $ 2839.97
Stop loss: $1825.20
Indicators
RSI
1W A bearish trend coming from top is trying to reverse at strong support in the 50s level.
1D Trying to get back to the upper 50s level, which has been mostly strong and consistent during the past year.
4H Wavering around 50s for a week now, probably looking for a short-term dip before pumping up.
MA CROSS (50,100)
1W Being through a bullish trend since July 2020 and have no signs of a pullback
1D Just entered a bearish cross two days ago after rallying for 7 months on a bullish cross
4H Entered a bullish cross after almost three weeks of bearish cross.
ETHUSDT
ADX/DMI (+/-)
1W Showing positive trend over 38 and above both DMIs. Also, DMI + a bit above DMI -.
1D Showing strong positive trend at 29 and above both DMIs. DMI + coming back strong from lows and crossed DMI - recently.
4H Uncertain as ADX and DMIs are colliding but ADX at trend level (>20) as well as DMI- which just crossed DMI+ but too narrow.
Trade set up based on mid term support @2142.00 as well as a 2-month bearish trend breakout along with a Bullish Engulfing Pattern shown in 1D chart. Price just broke a midterm bearish trend with a short term bullish trend, and is trying to maintain with strong mid/long term indicator data.
Also, based on Fib Retracement, price is looking to confirm a 50% fib level from almost three weeks ago, but it comes stronger now from the support mentioned where demand spikes (<$2000). Once price gets confirmed at (0.50), the next level (0.618), which is historically bullish for long/mid term strategies, will be tested . As it holds up, the target is to find profit off this breakout confirmation and find an overall bullish momentum in the crypto market.
Profit targets were set up based on the Long Position tool upon the already marked support and resistance prices. Entry Level must be from a lower price range to gain short term RSI strength to then proceed to the first target just discussed and so on. The four profit targets shall go to 25% while max downside is 12% approximately.
Entry Price (Buy Zone): <$2142.62
Target Prices: (1) $ 2278.84 (2) $ 2411.99 (3) $ 2602.10 (4) $ 2839.97
Stop loss: $1825.20
Indicators
RSI
1W A bearish trend coming from top is trying to reverse at strong support in the 50s level.
1D Trying to get back to the upper 50s level, which has been mostly strong and consistent during the past year.
4H Wavering around 50s for a week now, probably looking for a short-term dip before pumping up.
MA CROSS (50,100)
1W Being through a bullish trend since July 2020 and have no signs of a pullback
1D Just entered a bearish cross two days ago after rallying for 7 months on a bullish cross
4H Entered a bullish cross after almost three weeks of bearish cross.
ETHUSDT
ADX/DMI (+/-) 1W Showing positive trend over 38 and above both DMIs. Also, DMI + a bit above DMI -.
1D Showing strong positive trend at 29 and above both DMIs. DMI + coming back strong from lows and crossed DMI - recently.
4H Uncertain as ADX and DMIs are colliding but ADX at trend level (>20) as well as DMI- which just crossed DMI+ but too narrow.
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