ETH/USDT: The Only Chart You Will Ever Need 1H (Jul.25)

27 thg 7, 2020

X Force Global Analysis:


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In this analysis, we explore Ethereum's hourly chart on its Tether (USDT) pair. We recommend that traders approach this setup from the perspective of the volatility breakout strategy, popularized by the legendary trader Larry Williams.

Analysis

- The first thing we can spot is that Ethereum has been in a steady yet steep uptrend within an ascending parallel channel
- Prices continue to form higher highs and lower highs, as the Exponential Moving Average (EMA) Ribbon acts as strong support below price levels
- We can also spot the Ichimoku cloud acting as strong support for the current trend


What We Believe

Given such strong indicators of support, it's important that traders look for opportunities in short term uptrends, and sell when Ethereum starts losing momentum, or provides confirmation of a bearish trend by breaking and closing below the three significant indicators of support mentioned above.

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