ETH/USD Long or Short? $168 OR $235? Don't miss these details!!

14 May 2020

Hey guys, welcome to this update.
Firstly I want to thank you all for your support so far.
I post only updates with high possibility.

Let's get to the chart and try to keep it informative for both bulls and bears yet simple to understand. As people tend to like simple updates with clarity.

ETH has been trading under a RISING WEDGE PATTERN (which is bearish in nature and certainly ends up breaking to the downside) since the last 58 days or so.
It broke down 4 days back on MAY 10. IT JUST RETESTED THE lower trendline of the channel.

BULLISH SCENARIO: (S2 - SCENARIO 2)

In my opinion ETH seems more bullish at the moment because of the following reasons:

ETH is holding the 50D MA at $197
ETH is holding the 200D MA at $191
Most importantly it is also trading above the 85D EMA which is my best strategy since I found it 2 months back. (Hope you've read my 85D EMA strategy that I posted on April 15 for ETH and April 25 for BTC, if not I'll leave the link below)
MACD: Seems bullish crossover could happen anytime soon.
RSI: Bullish, Trying to break above the 50 level, not too oversold or overbought. Trying to reach the optimum level of oversold zone which can certainly take ETH to some positive rally.
Many traders didn't notice this purple trendline support, If you consider this as a valid support line we can say that we're still trading under this extended channel. Every detail is important, you'RE TRYING TO OUTSMART the 98% traders here. If this trendline works we may be bullish and see the upper targets soon.

Conclusion: If BTC breaks above $215 which is around 7%+ from the current market price, a rally to the upside is highly likely with targets:
1. $235
2. $252

SO WHAT CAN WE DO?
IF YOU'RE A BEAR AND SHORTED, You can put an SL at $216 or you can add short positions at that price. If it breaks to the down side you can have a low risk with High Reward Trade (This is exactly what matters, You need to get into the trades with low risk but high reward ratio)

IF you prefer long you can wait for it to dump to the downside support levels, given n the chart or LONG with a daily close above $216.

BEARISH SCENARIO: (S1 SCENARIO 1)
The only thing that is bearish in the chart is the breakdown below the trendline. The target for such breakdown could be the important support levels as shown in the chart.

CONCLUSION:
Although the chart looks bullish I am bearish until the break and close above 215.I'll categorise this update in LONGS as I will try to get into ETH LONG AS LOW AS POSSIBLE.

If ETH goes to the lower levels,
$123
$148
$168

I'll add spot longs on ETH for the mid term.

Hope this idea have been helpful for both the bulls and the bears. iF YES THEN PLEASE FOLLOW ME and
HIT the like button. It will support me and motivate me to make more of such contents for you guys.


THANKS AGAIN

Stay safe
Wishing you and your families good health.



#PEACE

14 May 2020

İşlem aktif

Let's look at the 4 hour chart:
Getting rejected from the 50D MA resistance around 199 and 200 level is also a psychological reistance level.
Both 85D EMA and 200D MA acting as a support. Trading under this bearish channel, shows we can break to the downside unless we break and close above the red rectangular resistance region. To be precise, $215 level.

14 May 2020

Not

Breaking to the upside, the purple line should be considered important IMO. If it retests $215 be cautious. It might end up being a fakeout.

18 May 2020

Not

Hello guys thanks for coming by to this update on ETH. In my last update I said we can break the $200 level soon if the resistance trendline is broken. ETH broke the resistance yesterday.
ETH also seems to be having a Golden cross in this 2 hours chart. It did broke above the resistance trendline and waiting for a retest.
BTC pair seems bullish too which will drive the ETH price higher.
We can enter for a long entry on the retest of the rising wedge .

#ENTRY: $197 TO $205.60

TARGETS:
1. $214
2. $219
3. $226

Stop Loss: $192.

This is setup could be highly profitable if we look at the mid term targets and resistance levels.

Mid term:
Resistance:
$227
$238
$261

Look at the chart and observe how I plot my moves as per the chart.

If you like this idea please hit the like button and share your views in the comment section.
Also share my latest BTC https://update.https://www.tradingview.com/chart/ETHUSD/g66wGhy5-ETH-USD-Golden-Cross-Long-Entry-Targets-BULLISH/