ETH/USDT: Bullish reversal must be confirmed - 2170 to watch
---- Mid-term Analysis for the next coming 4 weeks to 3 months - Based on Daily Chart -------
ETH/USDT: Bullish reversal must be confirmed - 2170 to watch
Context
- The Global Crypto market leads by BTC and ETH reversed a new bullish trend - BTC remains in underperformance versus ETH.
- We are watching at 2170 to bypassed to extend the bullish recovery in progress
- Waiting the Merge on ETH 2170 remains a strong resistance / target where the short-term trader have to consider as taking profit level to re-enter in a dip (wave iv)
Previous analysis 11/08/2022 : https://www.tradingview.com/chart/ETHUSDT/RHHSzyHs-ETH-USDT-Bullish-reversal-underway-2170-to-watch/
Market configuration
- Graphical Elements :
Graphical support = 1425 / 1070 /880
Graphical Resistance = 2170 & 2690
- Mathematical Indicators:
EMA (Exp Moving averages) are support at 1570 = Bullish/Neutral
RSI indicator (below) is now above 50% with room to the upside = Bullish
- Elliot & Harmonic Wave (Fibonacci):
A last drop to draw the wave (v) (c) (4) is now completed - the market is now bouncing off in recovery
Fibonacci resistance of the wave = 2170
Fibonacci bullish wave target at 2170 before 2690
Fibonacci bullish wave support at 1425
Fibonacci bearish wave target at 1070 and 1240
Conclusion
Prefered case => As long as 1425 remains support a larger recovery towards 2170 is expected with strong conviction, only a break above 2170 will open a direct recovery potential towards 2690 and 3250
Alternative case => Breaking 1425 a new bearish attack towards 1240 and 1070 will occur
ETH/USDT: Bullish reversal must be confirmed - 2170 to watch
Context
- The Global Crypto market leads by BTC and ETH reversed a new bullish trend - BTC remains in underperformance versus ETH.
- We are watching at 2170 to bypassed to extend the bullish recovery in progress
- Waiting the Merge on ETH 2170 remains a strong resistance / target where the short-term trader have to consider as taking profit level to re-enter in a dip (wave iv)
Previous analysis 11/08/2022 : https://www.tradingview.com/chart/ETHUSDT/RHHSzyHs-ETH-USDT-Bullish-reversal-underway-2170-to-watch/
Market configuration
- Graphical Elements :
Graphical support = 1425 / 1070 /880
Graphical Resistance = 2170 & 2690
- Mathematical Indicators:
EMA (Exp Moving averages) are support at 1570 = Bullish/Neutral
RSI indicator (below) is now above 50% with room to the upside = Bullish
- Elliot & Harmonic Wave (Fibonacci):
A last drop to draw the wave (v) (c) (4) is now completed - the market is now bouncing off in recovery
Fibonacci resistance of the wave = 2170
Fibonacci bullish wave target at 2170 before 2690
Fibonacci bullish wave support at 1425
Fibonacci bearish wave target at 1070 and 1240
Conclusion
Prefered case => As long as 1425 remains support a larger recovery towards 2170 is expected with strong conviction, only a break above 2170 will open a direct recovery potential towards 2690 and 3250
Alternative case => Breaking 1425 a new bearish attack towards 1240 and 1070 will occur
העסקה בוטלה באופן ידני
Caution 1425 is now updated to 1465 - update iq coming soon todayDownside Risk is high
CIO & Head of market research (Automata - Vancelian)
vancelian.com/en
vancelian.com/en
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
CIO & Head of market research (Automata - Vancelian)
vancelian.com/en
vancelian.com/en
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.