Ethereum: weekly market analysis (from 29 January to 4 February 2020 on BTC / ETH pair)
BTC / ETH broken the ethereum resistance returns strongly bullish
After retracing at the pivot point, placed a little lower, the opening level ETH saw the bulls take the initiative again and launched into an R1 test which, for now, seems to have withstood the first assault.
Moving on to the 7D chart, we see that not only has the MACD found new momentum but finally the price has managed to break the resistance represented by the EMA20; if in the next few days ethereum manages to go up again by 5%, moreover, we will also see the parabolic SAR return bullish.
The picture appears decidedly bullish even on 1D time frames, with a first cross of the EMA20 on the EMA50 and the ichimoku that show us how the price has finally moved above the clouds; be careful though, because in order for the signal to turn solid it is necessary that today's candle does not close below the opening level, in this way also the delay line will emerge from the clouds and the ichimoku will provide us with an excellent opening signal.
Finally, a final positive signal comes from the RSI which, despite the bullish push of the last few days, is still far from the overbought range.
Following the break of the resistance, Ethereum has returned strongly bullish, therefore it is time to buy; It is true that there may be a retracement, so it is up to you to decide whether to wait for the pull back or to enter the market directly now, but even if this happens, the trend is now so solidly bullish that it allows us to go long without too many thoughts.
At this moment, in fact, we have such a convergence of bullish signals on all the main time frames that even I, who notoriously do not have great confidence in the coin created by Vitalik Buterin, can only recognize that there are all the necessary conditions to open a position on ETH.
Please note: this post is not intended to provide in any way financial advice relating to how to invest your money but has purely educational purposes.
Useful link ALL TRUSTED:
- Free BTC/ETH/DOGE multi-faucet (1 site, three crypto)
- Free Litecoin + Earn interest on holding
- Free Dogecoin + Earn interest on holding
- Free Bitcoin+ Earn interest on holding
- Free Bitcoin Cash + Earn Interest on holding
- Free Ethereum + Earn Interest on holding
- Free Monero + Earn Interest on holding