ETHUSD Technical Analysis
BTC is stuck. We can hardly see any major move in Bitcoin. And so is Ethereum. The price of Ethereum is stuck in between the symmetrical Triangle.
We can see in this 4H chart of ETHUSD that the price is stuck in between the Symmetrical Triangle. The market is Indecisive. The ETF has been postponed till Oct 26 and hence no clear market sentiment can be seen.
In the chart above, we note 2 major points.
- The Upper part of the Triangle has the 4H 200 EMA Resistance.
- The Lower part of the Triangle has the 4H 100 EMA Support.
There is no decision that can be made through RSI or MACD as both have ample space to grow in either direction. Hence, I suggest to wait for the breakout and then enter into the trade.
Seems confusing? Yes, it is. The market itself is not able to decide a sentiment. Any breakout from here is just going to be massive. As of now, I suggest to stay away from it and rather trade Alt coins where we can find some volume in some coins.
My suggestion:
It is a no trade zone. If you trade, trade with proper stop losses. Also, make sure you are comfortable in switching your positions(Long to Short and vice versa).
Always remember that Trend is your Friend. And deviation from the trend and you loose money.
For any calls or Analysis, message me on Telegram at: abhinav_1696 or mail me at: agrawal.abhinav1696@gmail.com
Happy Trading!