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Thursday, February 11, 2021

ETHUSD: Before Entry LONG, be carefully on this RETRACEMENT!

ETHUSD: Before Entry LONG, be carefully on this RETRACEMENT!

Ethereum / U.S. dollar BITSTAMP:ETHUSD

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🟒Forex Pair:

Technical Analysis:
Since the 5th of February the price has been following an uptrend creating an interesting rising wedge pattern, few bounces and rejections on its dynamic trendlines confirm the validity of that pattern.
On the 10th of February the price reached the main resistance zone at about 1834.50, failing few attemps to break it.
After a quick and strong rejection, the price reached one more time the same level, creating a lower high.
It is currently moving close to its dynamic support line and the next price action around that level will be essential to define the next market movement.

In my previous analysis, I explained my long scenario about this market, defining a target on the level at about 1900/2000.
You can have a look clicking the link below:

ETHUSD: the price will move soon up to 1900!

I'm still confident to see the price going up more, but right now is showing us few sign of weakness and there is a nice possibility to see a retracement.
The price is ready to explode, but creating a lower high on every attempt to break through the main resistance zone and the RSI with 20 period is showing a clear divergence.
If the price will break down its wedge pattern, I'd wait a bounce on the dynamic trendline before planning a long position or eventually the price will break through the main resistance find your best entry point!

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Please note the views are not investment advice and should be used only for educational purposes⚠️

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