The price bounced from SMA50 and moved upward. Will it be a new attempt to reach 20 000$ resistance, or will we see a continuation of the sideways movement? In spite of bullish signals from MACD and RSI, I don’t think the buyers have the power to push the price above 19 425.50$ resistance. I won’t be surprised if the price will continue the sideways movement.
How to trade? I think short term long and short trades from the borders of the horizontal price channel will make sense. For swing and long term traders, the market doesn't provide interesting trade opportunities.
Disclaimer! This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Comentário
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The price formed a triangle in the 4H timeframe. We can use this pattern and breakout signals for understanding further market movements.
If the price breaks the bottom line, it will be a bearish signal with a target at 18 000$ support.
If the price breaks the upper line of the pattern, it will be a bullish signal with a target at 20 000$.
On one hand you expecting ETH to dump to 500 USD, on the other hand you think BTC will range sideways.. But ETH/USD always follows BTC in fiat value... and when BTC is sideways Alts starting to push against BTC.. soo you are bearish on ETH, but sideways or sliglhtly Bullish on Btc. Sounds like eather way we go.. one of your trades will be right predicition but one will be 100% wrong.
Powerlevel9000
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@kamidela BTC dropping to 18k or even 17-17.5k is sideways movement. It’s consolidation within the current 16.2k-19.9k trading range. BTC dropping to the bottom of that consolidation range would likely drop ETH to the lower portion of its consolidation range around 520, the candle close from the last dump.