ETH Analysis update: Still inside the wedge
Hi Steemians, wish you have a beautiful and successful trading year!
Follow up with my post about ETH, here is an update for you:
Current situation
ETH has touched the $160 level and currently showing some retracements from that point.
From the USD chart, we can see that ETH is still trading inside an upward wedge with tighter space, reaching the peak. Furthermore, the RSI indicator showed that the supported line had been tested three times.
As mentioned yesterday, the situation is still in danger mode for ETH. We might see a further rise to $180 or near $200 level, but then, a considerable drop is coming.
Have a look at ETH/BTC Chart
On the other hand, I want to share the current chart of ETH/BTC:
Sharing similar characteristics of the ETH/USD pair, the ETH/BTC is moving in an upward rising wedge with a high chance for a drop from here.
Possible trade setup:
- For long-term trader: Setup your Short from $160 towards $180 and try to maintain liquidation up to $200 to be safe (or you can use $210 as stop-loss)
- For short-term trader: Try to set up Short from $170 level with profit booking half of your order every $10.
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