ETH/USD - Buy Opportunity
What's up traders,
Here we are analyzing ETH/USD on the 4H chart.
I recently analyzed this pair in an earlier analysis. Now the pair is looking bullish at a nice level, I would like to reanalyze this chart.
At current, price is trading at 858, price broke out today after using the 20 moving average as a slingshot, suggesting that the bullish presence we are now seeing is legitimate. Even further that this happened on a higher low on a side-wards support line.
When analyzing the chart again, I discovered a nice side-wards support line which today is at the value of 830. I suspect that ETH/USD will likely retest this side-wards support level before an up move. If price breaks below this level, there could be a retest of the lower horizontal support at 790 first before the up move begins.
Price will now likely test the side-wards support at 830 or at worst 790, but this isn't a deal breaker either way. Coupled with the fact that a retest would again coincide with the moving averages, this could provide a compelling support where once again the big money would be looking to speculate and accumulate.
Bare in mind, if it comes lower than 790, I doubt there would be much bull presence for a little while after.
As I've said before: Also bare in mind that Ethereum is one of the most efficient safe haven currencies. So if you have a low amount of cash, Ethereum 2.28% 1.54% is your best bet for safety and simultaneous profitability.
I will update this analysis when I receive above 40 likes.
Here we are analyzing ETH/USD on the 4H chart.
I recently analyzed this pair in an earlier analysis. Now the pair is looking bullish at a nice level, I would like to reanalyze this chart.
At current, price is trading at 858, price broke out today after using the 20 moving average as a slingshot, suggesting that the bullish presence we are now seeing is legitimate. Even further that this happened on a higher low on a side-wards support line.
When analyzing the chart again, I discovered a nice side-wards support line which today is at the value of 830. I suspect that ETH/USD will likely retest this side-wards support level before an up move. If price breaks below this level, there could be a retest of the lower horizontal support at 790 first before the up move begins.
Price will now likely test the side-wards support at 830 or at worst 790, but this isn't a deal breaker either way. Coupled with the fact that a retest would again coincide with the moving averages, this could provide a compelling support where once again the big money would be looking to speculate and accumulate.
Bare in mind, if it comes lower than 790, I doubt there would be much bull presence for a little while after.
As I've said before: Also bare in mind that Ethereum is one of the most efficient safe haven currencies. So if you have a low amount of cash, Ethereum 2.28% 1.54% is your best bet for safety and simultaneous profitability.
I will update this analysis when I receive above 40 likes.
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