ETHXBT Channelling Higher Towards 0.07125
Trend Analysis
The main view of this trade idea is on the 15-Min Chart. The crypto cross ETHXBT found some support around the 0.06675 price level and is now 2.9% higher in the short term. ETHXBT is channeling higher and is expected to continue to do so and hit some resistance around 0.07125, approximately 3.7% away at the time of publishing. If the channel breaks down, traders should place a stop loss at around 0.0665 in the event of a significant trend reversal.
Technical Indicators
The recent positive crossover in the KST supports the bullish nature of the crypto cross. Also the RSI is trading above 50, signaling some positive price movements. As it pertains to moving averages, ETHXBT is currently above its short (25-SMA), medium (75-SMA) and fractal moving averages. Moreover the crypto cross, at the time of publishing, is displaying buy signals over multiple timeframes.
Recommendation
The recommendation will be to go long at market. Stop loss will be set around the 0.0665 price level and a target of 0.07125. This produces a risk-reward ratio of 1.09.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in ETHXBT.
The main view of this trade idea is on the 15-Min Chart. The crypto cross ETHXBT found some support around the 0.06675 price level and is now 2.9% higher in the short term. ETHXBT is channeling higher and is expected to continue to do so and hit some resistance around 0.07125, approximately 3.7% away at the time of publishing. If the channel breaks down, traders should place a stop loss at around 0.0665 in the event of a significant trend reversal.
Technical Indicators
The recent positive crossover in the KST supports the bullish nature of the crypto cross. Also the RSI is trading above 50, signaling some positive price movements. As it pertains to moving averages, ETHXBT is currently above its short (25-SMA), medium (75-SMA) and fractal moving averages. Moreover the crypto cross, at the time of publishing, is displaying buy signals over multiple timeframes.
Recommendation
The recommendation will be to go long at market. Stop loss will be set around the 0.0665 price level and a target of 0.07125. This produces a risk-reward ratio of 1.09.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in ETHXBT.
Trade closed: stop reached
