Did some TA for ETH/USD, it seems like Ethereum might consolidate after finishing the Head and Shoulders Bear run as i predicted previously. I suppose it will be staying in the $1,000 region and above it soon. Fib retracement + Support Trend line shows that ETH might be heading up soon. Hopefully, we will see $1,100 by next week (:
Looking at the 4H and D charts we can see this pair is in a Bullish Trend. With this in mind, i'm looking for a potential entry to the upside. Here we have a prior consolidation zone acting as possible Support. We also have some Fib Confluence at this level with the .786 and .886 retracement. As well as the 1.272 and 1.414 extensions.
I would not trade this pair with my future mother in laws money right now, and that's saying something. The past week or so it has been consolidating between 1.25000 and 1.24000. I would look for a break above or below any of these points before you decide to trade it, since not much is happening with the pair otherwise. All the best!
The purple lines represent the actually trend channel. The turquoise line is the actually support level. As we can see we have a consolidation at the 78,60% Fibonacci-Retracement (6370 Yuan) which i would see as an important level. At the RSI we have a bearish divergence at the 1 hour chart. The channel range is between 6500 yuan and 6200 yuan. A break to the ...