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.
Thanks sir for your suggestions. I also think that ethereum is most trusted coin. it's not up very faster but it's good point is it alway down very slow and you have time to recover your money to tred coin to coin.
cedarfox
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Thanks for the info. It looks like price has now risen above the upper side of the trendline. Looks good. Thanks!
RoyalOakFI
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So you dont see a risk of a rising wedge forming? Thanks.
So you believe BTC starts moving to the upside?