Ethereum after long suffering has finally hit a higher high. Its has been uptrending VS BTC since beginning of April but is about to hit strong resistance at 0.065 which will likely reverse that. Looks like the top has formed at the previous historic support which was illustrated on my previous ETH charts and is the light green channel on this chart, that in itself is a bearish sign. Another note, RSI is the highest its been since ETH was over 1,200. I look for more downside very quickly. The strategy i am going to use with ETH is the same strategy that i will use with BTC. Look for a higher low and take the next ride up. Only another higher high will prove the strength of this move, but does not mean that we will not profit, as we will use trailing stops. For ETH the reversal area for the next downside is more clear and is somewhere in the low 400s. Look for an 4hr reversal candle such as a failed low, morning star, or bullish engulfment.
Until then best of luck
Until then best of luck
交易進行:
Long active at 580. Analysis to follow
