Trading time: when you need long trades the Ethereum?
Source:
With each new week captainvalor fade away new hope for growth. If earlier the main resistance for Ethereum served level 208 dollars, now this limit has dropped to $ 203. However, if the bulls succeed, the coin could grow to this line in the near future.
The Overall situation looks like this:
the-
the
- has broken local resistance in the area of 198 dollars and growing slowly; the
- line local downward trend at the 1-hour chart is also broken; the
- has a small probability of rollback, but I doubt he will take the cryptocurrency below 196 $ and 100 SMA.
Today, the Ethereum traded at around $ 199. For the past day coin almost not changed its value. Market capitalization is at a level of 20.55 billion, while daily turnover of 1.44 billion.
theTechnical analysis
It Seems that this time the buyers found the level 191 of the dollar is attractive enough to acquire the asset is it from this level the cryptocurrency bounced before further growth. After a while Ethereum has broken the resistance area of $ 196. Immediately this was followed by a small pullback, and then Aldon reached nearly $ 200.
Most importantly, formed this week, the line of the local downtrend finally broken. Cryptocurrency konsolidiruyutsya near the line $ 200, good the nearest resistance is the level 23.6 Fibonacci.
image Source — NewsBTC
You'll have to watch the 100 SMA (on a scale of 1-hourly chart). Now this line plays the role of dynamic support and runs in the area of 196 dollars. Its penetration will be very disappointing news for the bulls, because in this case, the Ethereum will go back to a new local downtrend.
But for the formation of the uptrend, the asset needs to gain a foothold above $ 203. The next targets for the bulls will be the levels 208, 215 and $ 250. Technical indicators say about their predominance: MACD is in bullish zone, while the RSI climbed above the midline. Risky traders can open long positions with a stop loss just below the $ 196.
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