Ethereum: weekly market analysis (from January 15th to January 21st 2020 on BTC / ETH pair)

Based on what has been said in our previous analyzes, the time has come to go long on ETH; that said, however, let's go take a look at the graphs to see how the situation has evolved in the last seven days and to try to understand together what the next target will be at which to take profit

BTC / ETH it's time for the bears to step aside

Thanks to the breaking of the resistance that we had identified, the new candle of the month has opened abundantly above the pivot point, so at this moment it is more than reasonable to expect at least a test of the R1 at an altitude of 0.02084BTC; I personally believe that the R1 will be broken quite easily and that the same fate will also be due to the R2 (in the 0.02175BTC area).

Turning to the weekly chart, in fact, we can see how the parabolic SAR is still bearish and that it will remain so until the price touches 0.2172BTC which, coincidentally, corresponds precisely to the R2. What I expect, therefore, is that ETH continues its ascent until it intercepts the EMA100, in the 0.031BTC zone, which obviously can hardly happen in a single week, but which I consider the most likely scenario from here to the end February.

Turning to the 1D graph we see that the price is now stuck between the EMA50 and the EMA100, there has not yet been a cross between the EMA20 and the other two exponential moving averages but the feeling is that it is only a matter of time.

A quick look at the ichimoku cloud on 1D chart shows us how the price is stuck in the cloud at the moment and has already used at least twice the slower moving average to bounce; the RSI is still far from the overbought range, so there is ample margin for a further increase in the price.

Weekly forecast

Clearly, for all that has been said so far, I think it is also needless to say that I am bullish on ETH; those who follow me regularly know that I have great confidence in the coin invented by Vitalik Buterin, and technical analysis shows us that the time has finally come to buy and that there is no longer any need to hesitate.

Obviously a retracement is always possible, the market as we know is unpredictable, however it is difficult to believe that the price would not exploit the lower edge of the cloud to bounce, even if the bears managed to trim one last leg, which in any case I would tend to consider little likely.

Next week we will be able to check together whether this prediction has proved to be correct, if so it will be next Tuesday the price will have already returned above the cloud probably followed also by the delay line; a quick look at the order book seems to suggest that many people think like me, since the orders of those who want to buy are currently higher than those of those who are trying to sell.

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.