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Saturday, September 26, 2020

ETHUSD double bottom and break of trend line + Bullish engulfing

ETHUSD double bottom and break of trend line + Bullish engulfing


Around 309.00 area price got rejected twice and formed a Double bottom and bounced back from this level

Currently the price is above .236 Fibonacci retracement level. In 4 hour timeframe we are expecting a bullish engulfing candle. And its also reached a price action level and previous lows may turn support for the bear

Series of Higher high Higher low and Higher high was forming which is a bullish sign. In Elliot wave principal the 2nd wave is completed and the 3rd way is underway. We are expecting this 3rd wave will end at .50 Fibonacci retracement level and resistance zone and a key psychological 400.00 level

.50 Fibonacci is coordinated with the Lower high of Previous lower side impulse wave. And this level will act as resistance for the bull. If this level broken then the next target would be 450.00 which is a .786 Fibonacci level and swing area

The 50,100,200 Exponential moving average is acting as resistance for ethereum . RSI managed to move above 50 mark

If the USD will remain weaken we can expect this crypto will visit the 2020 high level which is around 490.00. On downside 310.00 will remain act as a major resistance level

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