ETHUSD - Technical Analysis October 10, 2017 - Current Price $299
ETHUSD
Last time we were looking at ETHUSD we were bullish bias above $300 and bearish below $285. If traders followed and set stop losses, so modest gains were locked in as the price reached approximately $314.
Stop losses are a part of your risk management Arsenal, they help to ensure you lock in gains or exit a losing position.
daily
On the daily time frame we are observing some relatively flat price action, consolidation around the daily pivot, $300 being capitulated over as the price was unable to hold this support so far today.
Bulls need ETHUSD to reclaim the pivot and the price here has found support at the 68ema, working on getting above the 30ema. This is an extremely tight trading range.
4 hour
A bear flag is forming on the 4 hour time frame with resistance being observed at the 68ema and support found at the 170dma, $293. The time-adjusted stochastic RSI will take some time to resolve and ideally for bulls the price maintains the $170dma on any kind of pullback.
Alternatively, considering the neutral but down trending state of the RSI, bulls would also like to see the price turn the 68ema into support and negate the bear flag formation.
1 hour
The 1 hour time frame gives bulls some hope if the price can reclaim the 170dma, $300 it will test the 1 hour pivot, $303. Rather than taking a position here, it would be prudent to see the price back above $300 and backtest it as a support. If the price runs away enter above $305.
Bullish Above: $305
Bearish Below: $290
RISK TRADE: Risk reward not present for a position until price chooses direction. Long or short accordingly, consider BTCUSD in rally mode.
Don't forget to use stop losses!!!
Previous Articles:
BTCUSD
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DASHUSD
ZECUSD
XMRUSD
LTCUSD
Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and it's your own fault.
resteem this post @satchmo
please see this post because important
https://steemit.com/steemit/@arie.steem/our-friends-get-hacked-samstonehill-we-hope-to-get-a-solution
Really good information for ETH followers. Thanks...
Very welcome, this is the flattest we have seen ETHUSD in a longggggg time which tells us the range is tightening and a move is likely due.
we are expecting more useful information ;)
hahaha totally a function of if the price does something useful then hey ;-) - Best of luck!
I think peoples needs to have chance for the lottery only. hahahha
Real life requires knowledge..
I gotta make use of this info quickly.. thanks for sharing
Patience pays - it doesn't matter if we miss one opportunity, there is always another ;-)
Great Post!
Im liking these breakdowns. Keep on posting and ill keep upvoting.
Will do - hoping people can begin to learn charting from the TA
will bitcoin hit 7 k before xmas?
I don't have a crystal ball unfortunately ;-)
Great enjoy a lot want to see more of this in future. @satchmo
great share on this graph ..
Gonna get some ether. Later.