TomProTrader的BITFINEX:ETHUSD的ETH/USD - Live Update

ETH/USD - Live Update

Ethereum completed a nice up move as planned in my previous analysis up to 480 and has since had reversal candles implying we will have a correction at this level (See related ideas for previous analysis).

There is 2 ways that price will now act:

1: Price will correct into a nearby localized horizontal support zone between 458 and 446 before bouncing to the upside. I expect the upside move will create sufficient momentum to at least retest the side-wards resistance line, with the possibility that it can break structure, and go to the upside. Price could see highs of 507.

2: Price corrects into the mentioned zone above, before hitting side-wards resistance once again and stalling. This stall would create yet another retest once again at the horizontal support zone between 458 and 446. Once price completes the test, price will be trapped. It can either break the side-wards resistance, or it will be forced to stall, and break the horizontal support zone.

Bear in mind that if scenario 2 plays out, it might take a considerable period of time before the upside begins.

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註釋

Ethereum has nicely moved down and touched my horizontal support zone between 458 and 445 as planned. Will price now stay within this level and provide a buy opportunity? I guess I will soon find out.

Price has touched the zone with a rejection tail so far, but could still immerse deeper and do a proper retest with a candlestick body physically within the zone before the up move.

Best to watch price now before making any moves. My premium Cryptocurrency Signals Group got this short move with me, putting us into significant profits even in a down market.

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註釋

Price bounced in the horizontal support zone perfectly, and price is now moving up perfectly with the trading plan.

Enjoy your profits guys. :-)

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註釋

Price continues to have momentum from current levels. The main question now is - will price break the side-wards resistance and go to the upside?

I think the bullish run will continue for a little while, before the bears come in and either bring price back to the side-wards resistance as a new support line and a bounce to the highs, or, price lacks momentum at the side-wards resistance and price falls back into structure again.

If price goes back into structure now it isn't much of an issue regarding investors sentiment to Ethereum. However, it is an issue, if price breaks the side-wards resistance but then fails to use the old side-wards resistance as a new support and price falls back into structure.

If the second scenario happens it shows a total disregard and lack of interest for Ethereum to go higher anytime soon and would signal a bearish sentiment across the marketplace.

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註釋

Ethereum continues to trade bullish after a bounce yesterday at the support zone has not yet been negated.

Price had an up leg from the horizontal support, had a short term correction just scraping along the side-wards resistance line, and then a break out of the side-wards resistance.

Candlesticks look generally weak at current level, however the launchpad looked strong, so it's important that you use your trading knowledge thoroughly before executing a trade because if you aren't highly experienced and you take this trade without know how, then you could be stung.

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註釋

Price looks weak as it successfully broke the side-wards resistance and attempted to use it as support. Price could retest the side-wards resistance as a new support still but the candlesticks do look weak meaning this could be risky.

It's more likely that price will fall back into structure again, retest and then the buy level is produced.

It's equally likely price tests the side-wards resistance as support and hitting horizontal support before the bounce, but the side-wards resistance turned support at this moment in time does appear to be the riskier option.

Let's wait a while and see how price continues at this level before investing funds into a trade.

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註釋

Ethereum is having a nice bounce on the 200 moving average, which also coincides with being inside the horizontal support zone between 458 and 446.

As it stands there is a rejection candlestick right on the 200 moving average within the support. Price does not have to necessarily bounce here for it to be a valid up move, it can indeed go lower. But if it bounces here, it does definitely do Ethereum some favors on looking like more of an attractive buy for traders, which will in turn likely bring the price higher.

If price breaks below the lows of the horizontal support zone, it looks like price is going lower.

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