ETH/USDT - Trading Opportunities

POLONIEX:ETHUSDT   Ethereum / Tether USD
Hello traders,

Here we have ETH/USDT on the 8H chart.

ETH/USDT has been trading the downside considerably after a peak ignited a correction of the 29th January. Price has recently been trading within a structure since between a side-wards resistance line at 1034 (at current levels), and a horizontal support level at 566, that is still in to play.

Price has bounced on horizontal support. Price has had a clear higher high, and looks like it is impulsive.

I am expecting Ethereum to begin an up move. Before this it's highly likely that price action will retest the horizontal support zone at 580.

This trade could play out in 2 ways, I have outlined these below:

-Price has an impulsive up move to the side-wards resistance to 1034 in one swing move. When it does, it could break out of the resistance, and use it as a new support, before rallying to the upside target at 1440.
-Price finds resistance at current levels (Resistance on the 20 moving average), and retests the horizontal support zone at 566, before eventually finding more momentum to the upside, hitting resistance target, or perhaps the extended target zone at 1440.

Bare in mind, that a retest of horizontal support zone would show less momentum than I believe is ideal for the target zone move to 1440. If price breaks out of resistance and retests it as support, it is EXTREMELY likely that the target zone to 1440 could be achieved.

If price resists on the 20 moving average and retests the support, this might show short term weakness yet again.
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Nice tom!!! What would you say the chances are of a return back to 600 in the next two days?
@copa1079, In 2 days, not so sure. Could take longer.

Leave a like. :)
+2 Reply
copa1079 TomProTrader
@TomProTrader, thanks brotha, always love your TA
@copa1079, Cheers !
Hi thanks for yout share ! What do you thin of a 500$ target to jump in and go long ?!
TomProTrader AntoineTonioAL
@AntoineTonioAL, I don't think it will hit 500 so soon. Look for a buy opportunity a bit higher.
+1 Reply
Should I sell my Ethereum?
@sameem786, For now, I wouldn't.
thank you.
TomProTrader apribytkovsky
@apribytkovsky, Thanks !
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