ETH/USDT Update: W recovery crushed the first resistance 2,8k$
Intro:
- Ethereum broke out of it's downtrend indicated by the yellow line.
- Last time we said that the W recovery (drawn in red) is a stronger pattern and it did confirm for this time.
- Guys please give me some feedback to improve my charts, analysis and commentaries.
Daily chart on the left hand side:
- ETH dropped three times to the 1750$ level and did get a bounce each time.
- The volume continues to increase which is bullish.
- On the RSI side we finally got above the 50 line and do see some temporary resistance at 80 which is fine.
- We see a golden cross indicated by the yellow camera. Still very close but if we get any separation this is very bullish.
4h chart on the right hand side:
- We see a golden cross indicated by the yellow camera.
- The RSI is on a rise and currently follows the yellow line directly into consolidation.
- We see that the W shape recovery dragged ETH out of its downtrend indicated in red.
Expectation:
- We expect a pullback to retest the 2,8k$ line and look for support.
- Afterwards there is not much resistance between here and 4k$. So could be a fast ride.
- We expect to hit the old ATH soon within this month.
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Boxes:
- Either entry zone or support zone . Check the description.
- Ethereum broke out of it's downtrend indicated by the yellow line.
- Last time we said that the W recovery (drawn in red) is a stronger pattern and it did confirm for this time.
- Guys please give me some feedback to improve my charts, analysis and commentaries.
Daily chart on the left hand side:
- ETH dropped three times to the 1750$ level and did get a bounce each time.
- The volume continues to increase which is bullish.
- On the RSI side we finally got above the 50 line and do see some temporary resistance at 80 which is fine.
- We see a golden cross indicated by the yellow camera. Still very close but if we get any separation this is very bullish.
4h chart on the right hand side:
- We see a golden cross indicated by the yellow camera.
- The RSI is on a rise and currently follows the yellow line directly into consolidation.
- We see that the W shape recovery dragged ETH out of its downtrend indicated in red.
Expectation:
- We expect a pullback to retest the 2,8k$ line and look for support.
- Afterwards there is not much resistance between here and 4k$. So could be a fast ride.
- We expect to hit the old ATH soon within this month.
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Boxes:
- Either entry zone or support zone . Check the description.
