Let's start the Analysis with the 4HR chart.
Current Situation:
At the moment we are sitting on the support line drawn from Dec-28 at $860 area.
The support should be strong enough to defend against the recent bear.
However we might still see some downward movement to $800 area, which is then supported by the line drawn from Dec-12.
Another point to look at is the blue dotted line.
Temporary we have broken the uptrend drawn from mid-December.
However, as in the chart, a triangle has formed indicating ETH/USDT could have a possible break, but we cannot confirm the direction.
The Day chart here give us more information of the possible movement.
Possible Pattern : Double Bottom(4HR) , Falling Wedges
Both signal trend reversal and we could expect something good from ETH.
However, from Ichimoku Cloud shows that the bear is coming and we are far under the cloud. It's critical for ETH/USDT to break the recent downtrend and bounce back to $1000 level to resume the bull.
Trade Suggestion:
- Buy when ETH Cross 990 for the 2nd time.
Target:
- 1140
- 1260
- 1350
Trade with discripine, Sell at every target.
Good luck.
My channel:
Tradingview: https://www.tradingview.com/u/hendric886/
Steemit: https://steemit.com/@feigaie
I will update the post in coming days, as we got several triangles come to the end.
Hope we get good news from that.
Looking forward to your next analysis :)
ETH broke the support line $800 and now sitting at $760.
The support doesn't look strong and we could further go down to $710 area where strong support is.
We will see if ETH able to consolidate these days and complete the falling wedge.
Stay patient. Wait for good entry signal.
ETH just bounce back within the falling wedge triangle.
However the movement is still unpredictable.
Stay sideway. Control your risk.