Hey traders! This time I would like to share with you my ETHUSD
analysis. Something curious about it, is that it is quite similar of my Ripple's analysis. In both cases, I identified the same pattern ( pennant
formation). Additionaly, both coin's current price are preceded by a big price movement (in ETH case, it increased 166% while Ripple increased 321%, both in just two days!) which is exactly one of the conditions of the pattern, and therefore supports the idea of a Pennant
pattern formation. As you can see, MACD
is showing the beginning of an uptrend, additionaly, Volume
has already started increasing. These signals are important, since they support the idea of ETH price will get to the $1.000 target.
What's next? According to technical analysis
theory, we can wait for an increment of 166% Ether's price in next days (which is the current height of the pole). This target might be too ambitious, that's why I recommend you to have several targets, as the half of pole's height.
BUY STOP: 740
Take Profit 1: 850
Take Profit 2: 990
Remember numbers can vary depending on your risk profile and price expectations. The numbers I propose should be use as a reference :)
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