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Wednesday, October 26, 2022

ETH breakout past 50MA overnight

ETH breakout past 50MA overnight

Ethereum / U.S. dollar BITSTAMP:ETHUSD

I was planning on doing a more robust write up on ETH but the breakout of the falling wedge BTC made and therefore ETH made, has pressed my hand to start something a little sooner than intended (plus I'm meant to be on holiday atm)

** Disclaimer** I'm a novice trader working to put my thoughts out there to see how the stack up against the market - please feel free to share/comment on my thoughts - please don't use this chart as financial advice

I will do a proper drill into ETH on my return, but the quick and dirty on things to look out for is;

  • In recent days ETH rejected the $1250~ mark and very frequently too; this is a strong accumulation zone for the time being
  • ETH blitz past its 9 day and 50 day moving average without hesitation or testing the MA
  • There looks to be a 9MA crossover with 50MA up and coming if the swing up persists, which will be a very bullish signal
  • DXY is forming a double or triple top (it's testing the 50MA currently) which could mean a move down for the index and thus a movement of investments from the dollar index to BTC (if that hasn’t already started happening)
  • The next test for ETH movement will be the distribution zones (shown via the fib) at $1480 which is approx where we are currently and at $1800 (2.6 marker on the fib)

    Hope to provide a proper look into ETH soon, be safe though, the bears are still about and very strong in sentiment toward crypto; a reversal down is possible at any moment. Have your stop losses set to avoid getting caught up in a dump.

    Please remember this is not financial advice, dyor.

    For now, it's a pool swim and some cocktails for me.

from TradingView Ideas

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