Ethereum - Bounce off 55 EMA and RSI/MACD look positive
Updated
What's up my traders!
Short term trade idea now on Ethereum:
Entry Price: $402
RSI - On one hour chart the RSI has made a double bottom and is starting to have positive divergance
EMA's - Ethereum has bounced nicely off the 55 EMA and and is making higher closes on the one hour chart. Look for the 4 hour chart to follow this trend
Stop loss: $360
Target: Before Bitcoin got smashed yesterday Ethereum was moving up toward $430. Let's see if we can get back up there over the next 24 hours. That would be a quick 6% trade. We can then see how it's performing as we get closer to $430.
ETHUSD
Short term trade idea now on Ethereum:
Entry Price: $402
RSI - On one hour chart the RSI has made a double bottom and is starting to have positive divergance
EMA's - Ethereum has bounced nicely off the 55 EMA and and is making higher closes on the one hour chart. Look for the 4 hour chart to follow this trend
Stop loss: $360
Target: Before Bitcoin got smashed yesterday Ethereum was moving up toward $430. Let's see if we can get back up there over the next 24 hours. That would be a quick 6% trade. We can then see how it's performing as we get closer to $430.
ETHUSDTrade closed manually
on the one hour chart the 9,13 and 21 EMA's are crossing below the 55 EMA. This is telling me the bearish trend will unfortunately continue. The RSI also looks to be showing some bearish movement. Closing this trade at $394 for a small loss.
Will look at Ethereum again as it approaches the $300 support level in the future.
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