ETH/USD is currently at a point for a good Long entry.
Reasons:
1. Prices have hit the bottom of the falling wedge, which is generally considered a bullish pattern. It's a good Risk/Reward setup right now. A stop could be set around $160-$170.
2. We see bullish divergence on the Daily RSI.
3. We've had multiple days of selloff with an increase in volume, some sort of bounce is likely - even if it's just to the top of the wedge.
4. We're oversold on almost every timeframe, expect 1W upwards.
5. Running a Fib-Extension, we're exactly at the 0.618 support level.
Profit Targets:
• A good profit target would be right around prior support zones (~$300 + ~$400), if we can break out of the wedge.
Reasons:
1. Prices have hit the bottom of the falling wedge, which is generally considered a bullish pattern. It's a good Risk/Reward setup right now. A stop could be set around $160-$170.
2. We see bullish divergence on the Daily RSI.
3. We've had multiple days of selloff with an increase in volume, some sort of bounce is likely - even if it's just to the top of the wedge.
4. We're oversold on almost every timeframe, expect 1W upwards.
5. Running a Fib-Extension, we're exactly at the 0.618 support level.
Profit Targets:
• A good profit target would be right around prior support zones (~$300 + ~$400), if we can break out of the wedge.