ETH: Approaching Support
Trade setup: Price is in an Uptrend. Following a bullish breakout from a Descending Triangle pattern, price spiked up 25% and reached our near-term target of 4K. However, it got overbought (RSI ~ 70) and is pulling back on some profit taking.
Now we look for the right entry opportunity in Uptrend. We wait for price to either 1) break above
4K to signal continuation of uptrend, with +17% upside potential to its ATH of $4,700, or 2) pull back near $3,200 support for another swing trade entry in Uptrend with upside potential back to 4K. Learn to trade chart patterns in Lesson 8 and set Stop Loss levels in Lesson 9.
Pattern: Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken. (concept known as polarity). Once price breaks below support, it can move lower to the next support level. Learn to trade key levels in Lesson 7.
Trend: Short-term trend is Up, Medium-term trend is Strong Up and Long-term trend is Up.
Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $3,200.00, then $2,930.00. Nearest Resistance Zone is $4,000.00, then $4,800.00.
Now we look for the right entry opportunity in Uptrend. We wait for price to either 1) break above
4K to signal continuation of uptrend, with +17% upside potential to its ATH of $4,700, or 2) pull back near $3,200 support for another swing trade entry in Uptrend with upside potential back to 4K. Learn to trade chart patterns in Lesson 8 and set Stop Loss levels in Lesson 9.Pattern: Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken. (concept known as polarity). Once price breaks below support, it can move lower to the next support level. Learn to trade key levels in Lesson 7.
Trend: Short-term trend is Up, Medium-term trend is Strong Up and Long-term trend is Up.
Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $3,200.00, then $2,930.00. Nearest Resistance Zone is $4,000.00, then $4,800.00.
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