Here we have ETH/USDT on the 4H chart.
ETH/USDT appears to be holding bull momentum despite the large down move across Cryptocurrency as a whole. In light of this, Ethereum is now a good buy opportunity as not only a safe haven for your capital, but a good potential upside move.
Price is picking up momentum to the upside. Price recently hit a bottom at 775 on the 17th January. Since then, price has been having successful higher lows, despite poor market conditions.
I am expecting Ethereum to pick up momentum after the bounce on the side-wards at 1087 which was just hit earlier.
This trade could play out in 2 ways, I have outlined these below:
-Price finds support at the side-wards at 1087 (at current levels) and bounces to the highs with an impulse leg. If this happens, the upside target is 1370 which corresponds with all time highs.
-Price loses momentum inbetween the horizontal resistance at 1370 and the horizonal support at 927. If this happens, price may break the short term side-wards support line at 1087 for the downside retest. When this happens price then bounces on the lower horizontal support at 927 and then bounces to the upside to the upside target of 1370.
Bare in mind, the first scenario is strongly preferred to the second. If price hits the bottom horizontal support at 927, it is extremely unlikely it will reach the upside target of 1370 anytime soon. The first scenario offers a fantastic opportunity to not only long for profit, but also to hedge against losses in the markets.
I will updating this analysis if it receives above 40 likes.
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Lots of issues at the moment, where Tether has the capability of being shut down.
Funnily enough this analysis was supposed to be in USD.