- IMPORTANT UPDATE: As mentioned in the below video, the Long should be stopped when a 4 hour candle closes below 1575 and that is what we had. The short position entered at 1555 was exited with a tiny profit. This is also in response to the selling occuring in futures markets (Nasdaq futures, etc), since its weekly open. Further updates on crypto coming soon on ForexLive.
- The technical analysis for Etheruem (ETHUSD) shows that we are at a junction to buy, as detailed in the video below:
- The current sentiment for crypto tends to be bearish but I tool a Long position, which is, possibly a contrarian bet that will work out.
- Daily timeframe shows a channel, which is also a bull flag. Formations known as bullish flags may be spotted in financial assets (including crypto) that are already in strong uptrends and are regarded as reliable continuation patterns. In this case, it would be to continue the bullish move since mid of June
- But if a 4 hour candle closes below 1575, then it could be a fold, for the less risk appetite traders. A close below $1475 should definately be a fold for the Long position.
- All in all, it is an interesting time to buy Ethereum, where the risk is low (the stop is close to the entry) and the reward is much higher. But this only works if one is disciplined to exit when the move goes against her or him, and reaches the stop limit.
- Trade crypto at your own risk and visit ForexLive for technical analysis
Ethereum technical analysis: Bull flag retest.
- IMPORTANT UPDATE: As mentioned in the below video, the Long should be stopped when a 4 hour candle closes below 1575 and that is what we had. The short position entered at 1555 was exited with a tiny profit. This is also in response to the selling occuring in futures markets (Nasdaq futures, etc), since its weekly open. Further updates on crypto coming soon on ForexLive.
