Ethereum – Bullish Continuation is Likely
• Ethereum has shown a lot of strength during the latest market correction. Not only relative to altcoins but relative to BTC as well (let me know if you want an ETH/BTC chart analysis).
• Currently ETH consolidating in a triangle pattern. Volume was slowly dropping, and ETH kept banging on the trendline resistance and against the RSI resistance. Yesterday (June 6th), ETH broke above the trendline resistance, again, but hasn’t tested it as support. Be advised that ETH is above the 100D SMA, the 50D EMA and the 20D EMA so, maybe we will not get a trendline retest.
• My assessment based on the chart is that ETH is about to break to the upside. IF you are looking to take an ETH position, especially long-term, I suggest you look for an entry. IMHO, when (not if) it pops, next stop is 2750$ possibly higher.
Trade Idea No. 1:
• Entry: 1825-1830 (successful retest of trendline and/or EMAs).
• SL: 1770 (below previous daily low).
• TP: 2750 (TP along the way but leave some for higher).
• Watch out for the RSI line breakout, it will show if the move up has momentum.
Trade Idea No.2:
• If we don’t get a trendline retest, next resistance is 1930.
• Entry: 1930 (after retest as support).
• SL: 1820
• TP: 2750 (TP along the way but leave some for higher).
Please understand, it is not easy to call for higher when everyone is calling for lower. I also thought it will dip further, but I must react to the reality as it develops. This is my opinion, based on what I see in the chart. I have to be honest with myself and with you regardless of public opinion.
NFA
What do you think? Please share in the comments.
Best wishes to all.
• Currently ETH consolidating in a triangle pattern. Volume was slowly dropping, and ETH kept banging on the trendline resistance and against the RSI resistance. Yesterday (June 6th), ETH broke above the trendline resistance, again, but hasn’t tested it as support. Be advised that ETH is above the 100D SMA, the 50D EMA and the 20D EMA so, maybe we will not get a trendline retest.
• My assessment based on the chart is that ETH is about to break to the upside. IF you are looking to take an ETH position, especially long-term, I suggest you look for an entry. IMHO, when (not if) it pops, next stop is 2750$ possibly higher.
Trade Idea No. 1:
• Entry: 1825-1830 (successful retest of trendline and/or EMAs).
• SL: 1770 (below previous daily low).
• TP: 2750 (TP along the way but leave some for higher).
• Watch out for the RSI line breakout, it will show if the move up has momentum.
Trade Idea No.2:
• If we don’t get a trendline retest, next resistance is 1930.
• Entry: 1930 (after retest as support).
• SL: 1820
• TP: 2750 (TP along the way but leave some for higher).
Please understand, it is not easy to call for higher when everyone is calling for lower. I also thought it will dip further, but I must react to the reality as it develops. This is my opinion, based on what I see in the chart. I have to be honest with myself and with you regardless of public opinion.
NFA
What do you think? Please share in the comments.
Best wishes to all.
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My god. By the end of the day I was afraid to listen to myself. I took the trade after successful retest. However I am not certain we are safe, yet. I already moved the SL to entry. Not the best practice so early but I really don't know where we are going from here.
if you took the trade, good luck
if you took the trade, good luck
