This technical analysis was presented by CryptoGateways.io
a second party TA service servicing individuals and funds with an experienced and in depth portfolio daily TA.
For inquiries or for more information please:
send us and email at: askus@cryptogateways.io
or message us on Twitter.
Ticker: ETH/USD
Price: $ 468.40
Status: accumulate at current price
Support: $ 460 (slightly below 77 Moving average at previous wedge low. (reason being a break below would indicate a break of wedge structure to the downside and a breakdown below moving average conversion.)
Resistance: $474 (previous high and boundary of symmetrical wedge pattern. A break above this level would indicate a breakout for the upside.
Direction: Converging: imminent breakout
Stop Loss: $456 ( a few dollars below a level where the price is below moving average conversion, below previous low of symmetrical triangle and at which point it is expected to come down to next support price level ($432)
Targets:
1)$524(12% Profit)
2)$593 (27% Profit)
3)$670 (43% Profit)
Notes:
Symmetrical Wedge Pattern forming after end of long term downward channel.
Long term (77)and very long term (231) moving average converging at price action which usually indicates an upcoming market decision as the price action tightens and contracts needing a new direction to head to and test. (for clearer depicting the candles have been removed from the chart to show the convergence of long term and very long term moving averages with short term moving average bouncing between the two.)
Tightening bollinger bands at this critical price level.
Vertical volume indicating current price level as being a significantly larger price level, which with expectation for an uptrend indicates an accumulation price level.
RSI and MACD Conversion with decreasing ATR (volatility)
Legal Disclaimer: I am not a financial advisor nor is any content in this article or other content by CryptoGateways.io presented as financial advice. The information provided and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs.