ETH/USD - Becoming Bullish
What's up traders,
Here we are analyzing ETH/USD on the 4H chart.
ETH/USD has picked up some bullish momentum, since breaking out of a side-wards channel resistance at 848.
At current, price is trading at 930, price broke out after supporting on the 20 and 50 moving average, suggesting that the bullish presence we are now seeing is legitimate. Even further that this happened on a higher low. This is the first sign of an uptrend forming and this is where the institutions and big money would be participating.
Price will now likely test the side-wards resistance as a new support, but this isn't a deal breaker either way. Coupled with the fact that a retest would again coincide with the moving averages, this could provide a compelling support where once again the big money would be looking to speculate and accumulate.
I am expecting Ethereum to recover lost ground now as the trend is having a legitimate turn.
Bare in mind, that I am predicting a longer term bull presence.
Also bare in mind that Ethereum is one of the most efficient safe haven currencies. So if you have a low amount of cash, Ethereum is your best bet for safety and simultaneous profitability.
I will update this analysis when I receive above 40 likes.
Here we are analyzing ETH/USD on the 4H chart.
ETH/USD has picked up some bullish momentum, since breaking out of a side-wards channel resistance at 848.
At current, price is trading at 930, price broke out after supporting on the 20 and 50 moving average, suggesting that the bullish presence we are now seeing is legitimate. Even further that this happened on a higher low. This is the first sign of an uptrend forming and this is where the institutions and big money would be participating.
Price will now likely test the side-wards resistance as a new support, but this isn't a deal breaker either way. Coupled with the fact that a retest would again coincide with the moving averages, this could provide a compelling support where once again the big money would be looking to speculate and accumulate.
I am expecting Ethereum to recover lost ground now as the trend is having a legitimate turn.
Bare in mind, that I am predicting a longer term bull presence.
Also bare in mind that Ethereum is one of the most efficient safe haven currencies. So if you have a low amount of cash, Ethereum is your best bet for safety and simultaneous profitability.
I will update this analysis when I receive above 40 likes.
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