$ETH, next move

18 באוק׳ 2019

Key levels
Short term
Supports—> S1: 167 & S2: 153
Resistances—> R1: 190 & R2: 195

Medium term
Supports—> S3: 140 & S4: 133
Resistances—> R3: 200 & R4: 220

Potential scenario
Ethereum, as most of the cryptocurrency market, is still undertaking a bearish trend that has been going on for almost 4 months. Currently, the price is hovering around R1 and S1, $190 and $165, and due to the bearish scenario that has taken over the market during the last months, we can expect further falls.

This bearish scenario enables crypto traders the possibility to increase their Bitcoin portfolio through altcoin trading before a potential bull run takes place.

TA comment
In a potential bearish scenario, there have been several up and downwards trends, the indicator Parabolic SAR pinpoints the current trend and changes symbol exactly when the market sentiment changes. As you can see in the chart, by selecting this indicator in Cryptohopper, your strategy will signal buys and sells automatically when the market changes its short term trend direction.

You can add filters to your strategy by adding other of the Cryptohopper indicators in your strategy to the point where it is consistent and profitable enough.

Pattern
In the currently reigning bearish scenario, there have been multiple pull-backs making the price bounce back up after a downwards move. Just before this bounce back up, the price has been performing the famous pattern Hammer, which Cryptohopper recognises as a buy signal when it is spotted by the system. It is a bullish reversal pattern. It is represented during a downwards trend and as a candle with a long lower wick and short body at the top.