The price reached 800.00 level 2 times and could not break it. We can consider this zone as strong support. MACD and DMI still confirm downward movement, but a new bullish candle and RSI reversal in the oversold zone tell us about possible price reversal. If the price can break above 1000.00 level, it will be the 1st signal confirming that the market is going to move upward. When the price breaks the downtrend line, we'll get a signal confirming the continuation of the uptrend. Long trades can be opened based on these breakout signals with stop orders below the previous swing lows. The main profit target should be the previous market high at 1400.00 level. The part of trade volume can be left for long run. The market is not stable yet and using proper risk management is strongly recommended.
can it test 800 again? or we are already going to 1000?
DLavrov
⋅
@bdavletov, if the price breaks the downtrend line, probably the price will continue the upward movement. But if it bounces from the downtrend line, it will be able to reach 800.00 level one more time.
Manteeer
⋅
Why you use RSI (8) instead (14) better sensitive ?
ChileEthereumGr
⋅
Macd 2H down...Is not recomendad buy...posibility 850.
oshin11
⋅
I’m not so sure about this, possible but considering the major trendline broke, rising wedge broke down, and it’s all inside a possibke descending triangle...I’m thinking it could go down more. 3day MACD and weekly turned over as well.
robeprincipe12
⋅
Hi D! are we seeing a double bottom on this? .... Thanks! Like your solid analysis!