ETH/USDT - Bullish W pattern. What will be next?
Trend analysis:
- As you can see from the ETH/USDT daily chart, we are currently on the bullish movement because of bullish W pattern (Ellipse on the chart), which created good start and opportunity for testing new price highs. Price of Ethereum is moving upside for testing resistance level (Price zone: 1817). As a trader, I would recommend you to put short-term buy position to resistance level for making some profit and after it leave the market. After it we need to be prepared for looking correct signal for long position.
Chart pattern:
- Bullish W pattern (functioning)
Technical indicators:
- RSI: There is no overheat on daily chart (Neutral)
- MACD: MAs are prepared for up movement + get closer to each other (Bull signal)
- BB: Volatility increased after range movement (Bull signal in long term)
- MA (10,20): MA10 is going rapidly upward then MA20 (Bull signal)
= Bull movement in long term
Dear friends, please push the like button, write comments below, follow me and share this post with other traders - that would be the best support, Thank you for your attention!
Tell us about your opinion for making better decisions :)
P.S.: Information provided is only educational and should not be used to take action in the market.
- As you can see from the ETH/USDT daily chart, we are currently on the bullish movement because of bullish W pattern (Ellipse on the chart), which created good start and opportunity for testing new price highs. Price of Ethereum is moving upside for testing resistance level (Price zone: 1817). As a trader, I would recommend you to put short-term buy position to resistance level for making some profit and after it leave the market. After it we need to be prepared for looking correct signal for long position.
Chart pattern:
- Bullish W pattern (functioning)
Technical indicators:
- RSI: There is no overheat on daily chart (Neutral)
- MACD: MAs are prepared for up movement + get closer to each other (Bull signal)
- BB: Volatility increased after range movement (Bull signal in long term)
- MA (10,20): MA10 is going rapidly upward then MA20 (Bull signal)
= Bull movement in long term
Dear friends, please push the like button, write comments below, follow me and share this post with other traders - that would be the best support, Thank you for your attention!
Tell us about your opinion for making better decisions :)
P.S.: Information provided is only educational and should not be used to take action in the market.
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