Hello everyone !
Today the Black Cat Trader is analyzing ETH on a weekly chart.
What we can see :
- Using Ichimoku : Prices are located above the Kumo (cloud). On today’s weekly candle we can see that prices are stuck between the Kijun and the Tenkan. The weekly Kijun actually gives ETH a good support, but prices are below the Tenkan, which acts as a resistance. The lagging span is above the prices / Tenkan / Kijun / Kumo. This configuration tends to tell us that ETH is still in a bullish movement.
- Using the EMA21 : We can clearly see that prices bounced on the EMA21 which gave a nice support at 2818$ on this weekly candle.
- Using the Pitchfork (Low 0,42 / High 1419 / Low 81) we can see that the intermediary upper line acts as a resistance for ETH and stopped prices with an absolute precision at : 4393$. Then, prices have rebounded on the median line which could give a good support to ETH.
- Trendline n°1 which was a good support for prices till 8th July 2019, turned into a resistance and perfectly stopped prices in the last ATH (4400$)
- Trendline n°2 works as a very good support for ETH. In a potential downtrend for ETH, prices could rebound on this trend line.
What we can expect :
If the prices manage to break the Tenkan and reach the previous ATH zone, then, we can easily target at minimum the « 1.618 » Fib extension.
- Resistance 1 : Intermediary upper line of the pitchfork
- Resistance 2 : Trendline n°1
- Resistance 3 : Upper line of the pitchfork
- Support 1 : Kijun / EMA 21
- Support 2 : Median line of the pitchfork
- Support 3 : Kumo (SSA)
- Support 4 : Trendline n°2 (ultimate support)
TP1 : 1.618 (8.645 $)
TP2 : 2.618 (12.937 $)
TP3 : 3.618 (17.230 $)
Keep in mind that prices could be stopped by the trendline n°1 and/or the upper line of the pitchfork.
IF YOU LIKE THIS POST, FEEL FREE TO LEAVE A LIKE AND FOLLOW THE BLACK CAT TRADER
MAY THE CRYPTO BE WITH YOU GUYS (D.Y.O.R)
Today the Black Cat Trader is analyzing ETH on a weekly chart.
What we can see :
- Using Ichimoku : Prices are located above the Kumo (cloud). On today’s weekly candle we can see that prices are stuck between the Kijun and the Tenkan. The weekly Kijun actually gives ETH a good support, but prices are below the Tenkan, which acts as a resistance. The lagging span is above the prices / Tenkan / Kijun / Kumo. This configuration tends to tell us that ETH is still in a bullish movement.
- Using the EMA21 : We can clearly see that prices bounced on the EMA21 which gave a nice support at 2818$ on this weekly candle.
- Using the Pitchfork (Low 0,42 / High 1419 / Low 81) we can see that the intermediary upper line acts as a resistance for ETH and stopped prices with an absolute precision at : 4393$. Then, prices have rebounded on the median line which could give a good support to ETH.
- Trendline n°1 which was a good support for prices till 8th July 2019, turned into a resistance and perfectly stopped prices in the last ATH (4400$)
- Trendline n°2 works as a very good support for ETH. In a potential downtrend for ETH, prices could rebound on this trend line.
What we can expect :
If the prices manage to break the Tenkan and reach the previous ATH zone, then, we can easily target at minimum the « 1.618 » Fib extension.
- Resistance 1 : Intermediary upper line of the pitchfork
- Resistance 2 : Trendline n°1
- Resistance 3 : Upper line of the pitchfork
- Support 1 : Kijun / EMA 21
- Support 2 : Median line of the pitchfork
- Support 3 : Kumo (SSA)
- Support 4 : Trendline n°2 (ultimate support)
TP1 : 1.618 (8.645 $)
TP2 : 2.618 (12.937 $)
TP3 : 3.618 (17.230 $)
Keep in mind that prices could be stopped by the trendline n°1 and/or the upper line of the pitchfork.
IF YOU LIKE THIS POST, FEEL FREE TO LEAVE A LIKE AND FOLLOW THE BLACK CAT TRADER
MAY THE CRYPTO BE WITH YOU GUYS (D.Y.O.R)