ETH USD UPDATE
Our last comprehensive breakdown of ETH USD was posted on posted on the 15th of January and we outlined that after a break above the 175$ resistance level, we should expect price to rise to 199$ and 230$ respectively. We gave another interim update on the 21st of January advising those that had entered the ETH long position after spikes to 180$ had occurred to stay in their long positions and our stop loss of 154$ would be kept in tact. Exactly this occurred and lows were achieved at 156$ keeping our stops in tact and keeping us in our long positions. Price is currently trading at 190$ with highs made at 195$ just under our 199$ resistance level and our first price target. For those that have been in this position since 175$, we would advice to move stops to entry at 175$ and more specifically at 174$ to avoid stop hunting. Please let this long position to continue to run till 230$ but more conservatively 227$ to avoid our stops not being hit. For those that have not entered a position yet, I will prescribe to you the exact details of finding a good long entry on ETH USD.
- On the daily chart, we can see that ETH had hit the roof just below the main resistance level of 199$. We can also observe that momentum indicators on the daily are forming a bearish divergence (specifically the RSI/ROC indicator) and EMA and MA supports are at the 175$ price level. Now, if we zoom into the 4 hourly TF, we can observe that a key level of support is at the 183$ level with main supports only being found at the 180$ level before bullish price action resumes.
- Now, we would be looking for long positions to be opened for those that have not already done so at the 180$ level with stops being at 160$. For those already in long positions, we would advice that you keep stops at 174$.
- We still expect take profits to be hit at 199$ and 227$. The maximum level which price could ascend to is 270$ and we would reopen longs after a break of the 230$ level to this price level. However, it is important to note that this is less likely and we worry that price will be fatigued after 230$ - none the less, this is something we will plan for. We even have the option to move stop loss to 199$ after the 227$ price level is hit moving our take profit level higher to 250$.
CHECK OUT OUR TELEGRAM CHANNEL DOWN BELOW FOR TIMELY UPDATES AND EXACT ENTRIES!
Our last comprehensive breakdown of ETH USD was posted on posted on the 15th of January and we outlined that after a break above the 175$ resistance level, we should expect price to rise to 199$ and 230$ respectively. We gave another interim update on the 21st of January advising those that had entered the ETH long position after spikes to 180$ had occurred to stay in their long positions and our stop loss of 154$ would be kept in tact. Exactly this occurred and lows were achieved at 156$ keeping our stops in tact and keeping us in our long positions. Price is currently trading at 190$ with highs made at 195$ just under our 199$ resistance level and our first price target. For those that have been in this position since 175$, we would advice to move stops to entry at 175$ and more specifically at 174$ to avoid stop hunting. Please let this long position to continue to run till 230$ but more conservatively 227$ to avoid our stops not being hit. For those that have not entered a position yet, I will prescribe to you the exact details of finding a good long entry on ETH USD.
- On the daily chart, we can see that ETH had hit the roof just below the main resistance level of 199$. We can also observe that momentum indicators on the daily are forming a bearish divergence (specifically the RSI/ROC indicator) and EMA and MA supports are at the 175$ price level. Now, if we zoom into the 4 hourly TF, we can observe that a key level of support is at the 183$ level with main supports only being found at the 180$ level before bullish price action resumes.
- Now, we would be looking for long positions to be opened for those that have not already done so at the 180$ level with stops being at 160$. For those already in long positions, we would advice that you keep stops at 174$.
- We still expect take profits to be hit at 199$ and 227$. The maximum level which price could ascend to is 270$ and we would reopen longs after a break of the 230$ level to this price level. However, it is important to note that this is less likely and we worry that price will be fatigued after 230$ - none the less, this is something we will plan for. We even have the option to move stop loss to 199$ after the 227$ price level is hit moving our take profit level higher to 250$.
CHECK OUT OUR TELEGRAM CHANNEL DOWN BELOW FOR TIMELY UPDATES AND EXACT ENTRIES!
