Ethereum (ETH): Better to wait - Weekly Price Prediction

Ethereum (ETH): Better to wait - Weekly Price Prediction

By Roberto D. | Price Analysis | 28 Jan 2020


Ethereum: weekly market analysis (from 22 January to 28 January 2020 on BTC / ETH pair)

 

BTC / ETH crucial moment for Vitalik Buterin's currency

As always we start from the 30D chart, last week we said that the new candle of the month had opened above the pivot point; the minimum touched yesterday is nothing more than a retracement in the direction of this support, the problem is that we cannot know, limiting ourselves only to observing the monthly chart, if the pivot point will allow the price to rebound or if it will be broken downwards.

So let's move on to the lower time frame, that is, to the weekly chart; the situation, unfortunately, is no longer clear for the simple reason that, currently, the price has not managed to break the EMA20, this does not mean that if there were a rebound at the pivot point we could have a break with the price that , at that point, he would test the EMA50 (in the 0.0248BTC zone).

The MACD, which also seemed to have regained strength, although still bullish, could end up returning bearish soon.

In practice, neither the 30D graph nor the 7D graph allow us, at present, to define which direction the trend will take.

Things, as mentioned in the previous paragraph, do not improve even observing the 1D graph, so we just have to move on the 4H hoping to be able to define at least the very short term trend; even in this case, however, we do not find any element that allows us to predict which direction the trend will take, moreover the lateral movements are not the ideal time to open a position.

It will therefore be up to a minimum of one more week to hope that things have become clearer between now and Tuesday.

Weekly forecast

As in many other similar cases, we repeat that, at this moment, trying to predict which direction the ETH trend will take is tantamount to throwing a coin, after all any novice trader knows very well that there is no need to open a position during movements side of the price.

Having said that, my personal feeling is that in the end there will be a breakdown of the support, so in the very short term I would be bearish again on ETH.

As mentioned, those who have already opened a position can protect themselves by placing an SL immediately below the EMA50 on 1D time frame, in this way even in the event of a heavy dump the losses would be decidedly tolerable.

All the others have to do is wait for a possible breakdown of the resistance (represented by the EMA100 on TF at one day) before evaluating the possibility of going long.

Please note: this post is not intended to provide in any way financial advice relating to how to invest your money but it is purely educational.

 


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Roberto D.
Roberto D.

Born in Italy, I live in Italy, passionate about cryptocurrencies since I discovered ethereum in 2015 Telegram channel: https://t.me/dumbwaystoearn


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