ETH/USDT - 12.08.22 Update
Hello Traders!
After the exit of ETH price from the consolidation range of $1005-1240, a sharp upward movement began to develop. On the daily timeframe, the price broke through the resistance level of $1740 and is above MA100. This movement is very well fueled in the press by the transition of ETH to POS.
Based on the structure of the older timeframes, we can assume the continuation of the upward movement to remove liquidity from the upper boundary of the resistance zone - the price level of 2134 $, after which the correction will most likely begin. It will be interesting for us to open a long position after the end of the correction, near $1005.
Then we will be able to open a trade with good profit potential and a reasoned stop loss:
Buy: in the range of $1005-1050
Stop-loss : $879
Take profit : $1,600 and $1,740
Good luck, and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
After the exit of ETH price from the consolidation range of $1005-1240, a sharp upward movement began to develop. On the daily timeframe, the price broke through the resistance level of $1740 and is above MA100. This movement is very well fueled in the press by the transition of ETH to POS.
Based on the structure of the older timeframes, we can assume the continuation of the upward movement to remove liquidity from the upper boundary of the resistance zone - the price level of 2134 $, after which the correction will most likely begin. It will be interesting for us to open a long position after the end of the correction, near $1005.
Then we will be able to open a trade with good profit potential and a reasoned stop loss:
Buy: in the range of $1005-1050
Stop-loss : $879
Take profit : $1,600 and $1,740
Good luck, and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
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