Market & Ticker: Ethereum – ETH/USDT
Date: 18/08/2023
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
ETH failed to accelerate to 2380 the last two weeks before penetrating the lower part of the bullish channel at 1780.
At the current level a neutrality zone has been established between 1360 and 1840 to wait for a new bullish set up to be provided by the price action. The 1360/1520 key support area remains strong on a mid-term perspective, we gonna wait for an exhaustion of the current bearish momentum and see how the market is reacting in the next days above this support. In other words, a trading range (pause) is likely between 1360 and 1840, only a clear break above 1840 would provide a new bullish signal. The short-term trader can take advantage of the 1360/1520 area to anticipate the bullish signal and open bullish positions.
Technical Key Elements:
- Bullish channel invalidated at 1780
- RSI indicator is bearish and still shows downside potential
- The Moving average are anow resistance
- Fibonacci key support is adjusted at 1360 while the key resistance is adjusted at 1840
Trade Idea conclusion: Neutral - Range
Target 1: 1840
Buy swing: add in dip area 1520
Stop: 1360
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
