ETH ready for 0.04BTC?
Welcome fellow Tradingviewers,
In this analyses we are going to show you our view on the current market situation for Ethereum.
There has been a lot going on around Ethereum, Ethereum 2.0 and Defi which has all helped to the current bullish view that a lot of traders have on Ethereum.
We will be analysing ETH using a top-down strategy, including candlestick patterns, indicators and price patterns.
Monthly:
- Bullish engulfing close above the previous stated 3K important resistance.
- MACD crossed Bullish.
- Now testing the 0.035 Resistance.
- Below the 50Ma. (located at 0.04)
Weekly:
- Last candle closed as a bullish engulfing candle.
- We are now well above the 50 and 100 MA. (and seem ready to test the 200MA?)
- The MACD is clearly showing a bullish divergence.
- The MACD crossed bullish.
Daily:
- The last daily candles closed as bullish engulfing candles.
- We had our support tested and confirmed at 0.03.
- We are now well above all MA's.
- We have a bullish MACD cross.
- Testing the 0.035 resisttance.
In summary:
The monthly and weekly timeframes suggest that more upwards momentum is coming our way, so the long term is bullish.
For this bullish momentum to sustain however, we do need a break and confirmed support at 0.035 (BTC), this resistance is vital to try and reach the 0.04 area.
The 0.04 area is key because a lot of strong resistances are coming together: Monthly 50 MA, Weekly 200 MA and the Daily horizontal resistance line.
Overtaking the 0.04 resistance and therefore reclaiming the weekly 200 MA would support a bullish trend for the long run.
The volume seems to be supporting the bullish view for now so lets see what this month is going to give us!
This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!
Kind Regards,
Frank | Forallcrypto
In this analyses we are going to show you our view on the current market situation for Ethereum.
There has been a lot going on around Ethereum, Ethereum 2.0 and Defi which has all helped to the current bullish view that a lot of traders have on Ethereum.
We will be analysing ETH using a top-down strategy, including candlestick patterns, indicators and price patterns.
Monthly:
- Bullish engulfing close above the previous stated 3K important resistance.
- MACD crossed Bullish.
- Now testing the 0.035 Resistance.
- Below the 50Ma. (located at 0.04)
Weekly:
- Last candle closed as a bullish engulfing candle.
- We are now well above the 50 and 100 MA. (and seem ready to test the 200MA?)
- The MACD is clearly showing a bullish divergence.
- The MACD crossed bullish.
Daily:
- The last daily candles closed as bullish engulfing candles.
- We had our support tested and confirmed at 0.03.
- We are now well above all MA's.
- We have a bullish MACD cross.
- Testing the 0.035 resisttance.
In summary:
The monthly and weekly timeframes suggest that more upwards momentum is coming our way, so the long term is bullish.
For this bullish momentum to sustain however, we do need a break and confirmed support at 0.035 (BTC), this resistance is vital to try and reach the 0.04 area.
The 0.04 area is key because a lot of strong resistances are coming together: Monthly 50 MA, Weekly 200 MA and the Daily horizontal resistance line.
Overtaking the 0.04 resistance and therefore reclaiming the weekly 200 MA would support a bullish trend for the long run.
The volume seems to be supporting the bullish view for now so lets see what this month is going to give us!
This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!
Kind Regards,
Frank | Forallcrypto
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