Hi, Traders ! Monfex is on the air !
Ethereum has demonstrated its strength above $180 level despite a Double Top pattern formed on H4.
* The price of ETH is still below the Resistance area, but keeps equilibrium as market forces have found a temporary balance.
* On H4 Chart, the price has shaped out the third top - just under the Resistance, but the higher lows on H1 time-frame signal for the formation of the minor bullish triangle.
* We keep holding a Short from $182 - $183 in case of a bullish retreat to $155 - $160 area, but simultaneously keep a secured Stop-loss at $191.
* RSI has left the overbought territory, but shows the flat divergence (low/medium power signal) as the third top on the price chart has shaped out. MACD resides in the negative territory.
* We keep watching closely for the price action of Ethereum and we are ready to switch our position to Long in case the minor bullish triangle unwinds in the North direction.
* We do not recommend adding more Shorts at the current levels.
Previous trade signal
Sell @ $182 - $183.
Target: $155 - $160.
Stop-loss: $191.
Watch for our Updates to get real-time superior signals!
GOOD LUCK AND LOTS OF PROFITS !!
Disclaimer
This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.
Ethereum has demonstrated its strength above $180 level despite a Double Top pattern formed on H4.
* The price of ETH is still below the Resistance area, but keeps equilibrium as market forces have found a temporary balance.
* On H4 Chart, the price has shaped out the third top - just under the Resistance, but the higher lows on H1 time-frame signal for the formation of the minor bullish triangle.
* We keep holding a Short from $182 - $183 in case of a bullish retreat to $155 - $160 area, but simultaneously keep a secured Stop-loss at $191.
* RSI has left the overbought territory, but shows the flat divergence (low/medium power signal) as the third top on the price chart has shaped out. MACD resides in the negative territory.
* We keep watching closely for the price action of Ethereum and we are ready to switch our position to Long in case the minor bullish triangle unwinds in the North direction.
* We do not recommend adding more Shorts at the current levels.
Previous trade signal
Sell @ $182 - $183.
Target: $155 - $160.
Stop-loss: $191.
Watch for our Updates to get real-time superior signals!
GOOD LUCK AND LOTS OF PROFITS !!
Disclaimer
This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.
