Ethereum Bulls Reload as Previous Resistance is Retested as Support

LeoFinance
20 days ago
2 Min Read
357 Words

Direct from the desk of Dane Williams.




Morning team,

I recently made the switch from a Windows laptop to a MacBook Air. I love the mostly plug and play simplicity of iOS and everything has transferred seamlessly except for one thing.

My MT4 charts!

No matter what tutorial I follow, I can't get the bloody thing to install and as a result, have been flicking back onto my old laptop to write my morning market analysis blog.

But some days, this just isn't practical.

For example right now, I'm not at my desk and obviously haven't lugged two laptops with me.

So I'm relying on basic as fuck MT4 mobile charts, to manage my positions and web charts on TradingView to share today's analysis without any of my zones pre-drawn.


Ethereum Bulls Reload

Without any pre-drawn zones on my charts, I thought I'd bring up a popular market that actually isn't on any of my MT4 watch lists.

Ethereum, (or ETH/USD to be exact).

While we follow the Bitcoin price action on this blog a bit, most forex brokers offer BTC/USD, ETH/USD and a handful of the other major cryptocurrency markets as CFDs.

After looking at the ETH/USD chart on TradingView below, I might have to make it a permanent addition to my watch list.

ETH/USD Daily:
Screen Shot 2020-09-07 at 10.29.55 am.png

Take a look at the way that the bulls have reloaded their longs as the ETH price retested this previous daily resistance zone as support.

Clean, isn't it?

It doesn't seem like the DeFi boom is going anywhere in a hurry, so the demand for ETH even as the wider cryptocurrency market comes off a bit, remains real.

With price having held daily support, we now zoom into an intraday chart to look for short term areas of resistance turned support to enter off and manage our risk around.

Yep, it's the same setups, over and over, no matter the market or asset class.

Best of probabilities to you,

Dane.




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