Ethereum / Technical analysis / 12.07
Yesterday was a profitable day, we could enjoy a pull back and we made more than a 25% profit with ETH.
Did the trend really go reverse? Will the price go back up?
We passed a major support around 192€ and yesterday’s closure under this support is a quite negative sign. Indeed, we crossed the Ichimoku cloud. The trend is definitely reversed and the signs of a reversal to the rise are timid. We still are in an oversold area in the BB and our point of reversal of definitive trend around 250€ has moved away from us.
We operate in a range between 155 and 192 euros, day trading opportunities should present themselves. We are still in our long-term reload zone. If prices rise again, a short-term upward trend is expected.
Our oscillators should allow us to see more clearly the current trend.
The RSI that is in oversold area gives us a buy signal. This signal is not confirmed by MACD which remains downward. The underlying trend is therefore downwards, but a short-term reversal is possible before the bearish trend takes over.
The bearish trend is quite strong, MCD does not even seem to have registered the pull back.
In addition, sellers still dominate the market but lose a little ahead. The ADX marks a divergence which confirms me in the idea that a reversal in the short run will take place if it is not that of yesterday (150-175 euros).
The MOM and the %R are also pointing a buy signal.
To conclude on the daily:
We had announced a reversal mid-week and here we are. We still are in a downtrend but a pullback might happen, our indicators are back in the bullish zone. Downtrend background isn't over. It'll be hard to pass our pivot resistance around 192€, volumes are down (-25% this night). Buyers get tired.
The Day trading plan:
Buy Market : (172€)
Stop loss: 168€
Take profit:176
The plan:
We enter at the market price. We'll go out at 190€, if the market can't pass 175€ we'll send at 176€ to secure the profit.
Essential resistances: 175 - 197 - 200
Essential supports: 150 - 158 - 168
Pivots: 150 - 192
Contact us on www.facebook.com/CryptAnalyse or in the comments !