Whats up traders, I hope you're all had a good trading week.
Here we have ETH/USD on the 2H chart.
ETH/USD has been trading in a consolidation type structure since price had a large downside correction previously. Price has been trading in a structure with a horizontal resistance zone, and a sideway support level, and both of these levels have been dictating price action since the 22nd December.
Price is continuously testing the horizontal resistance zone, and testing the lower side-wards support zone. When price is testing the support, it is having clear higher lows, which I expect to eventually be the reason Ethereum breaks out of the current structure level (When price bounces on a higher low of structure, when price is also near the resistance zone.)
I am expecting Ethereum to pick up some momentum soon. Before this, price might test the sideway support (yet forming a new higher low) at around 690, before a bounce. When the bounce comes into play, price needs to combat 2 above resistance zones. These are:
-Resistance zone 1 / Target 1: Between 750 and 780. -Resistance zone 2 / Target 2: Between 840 and 870.
Bare in mind, that price could move a lot further than these 2 targets outlined above. The targets above are OBSTACLES for price action, and not necessarily where will price will ultimately stop in this short term uptrend
If price breaks the top resistance zone, there is actually a possibility for an up move all the way to 1110.00. But this would probably take quite some time to materialize, but still, possible.
I will updating this analysis if it receives more than 40 likes.
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Fresh analysis posted on my TradingView profile focussing on IOT/USD
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Posted a brand new analysis on BTC/USD on my TradingView profile.
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I have posted a brand new analysis on XRP/USD (Ripple) on my TradingView profile.
Definitely one to keep an eye on. :)
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Brand new DGB/BTC analysis posted on my TradingView profile.
Here I provide my latest thoughts, and offer potential targets to look for a profitable opportunity soon.
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Brand new analysis has been posted on this pair... See my TradingView profile page for the new trade plan!
It's going much higher.. I would recommend traders to atleast save 20% of ETH if they are trading at this prices... There is news about ETH hard fork on 13th Jan which will thrust ETH prices to $1200 minimum.
FA: Most of the ICO's are built on ETH platform... ETH has lot of nerdy developers that work day in day out to improve their scalability and real utility uses of blockchain.
"Bare in mind, that price could move a lot further than these 2 targets outlined above. The targets above are OBSTACLES for price action, and not necessarily where will price will ultimately stop in this short term uptrend"
^ already covered price likely going higher. :)
^ your point on ETH, totally agree.
Thanks for your input.
patelcrypto
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@TomProTrader, Thanks. Just learning TA from experienced individuals like you.
patelcrypto
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@TomProTrader Also please check bitshares I have read a lot and saw a lot of videos of it.. It has a great potential as Ripple.. Bitshares is a decentralized application tested at MIT. If you can TA Bitshares that would be great.
TomProTrader
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@patelcrypto, Will take a look in the near future, and post an analysis if applicable.
FA: Most of the ICO's are built on ETH platform... ETH has lot of nerdy developers that work day in day out to improve their scalability and real utility uses of blockchain.