Ethereum Price Analysis: Forming Head And Shoulder Formation
ETHUSD is forming an overall head and should formation currently trading below the important 200- and 100- EMA resistance. The head and should formation can currently break to the down or upside. Now their formation in ETHUSD has to confirm in one direction and show the breakout, a clear break of the the neckline will show bearish and a move above the head will confirm the head and shoulder formation bullish .
ETHUSD Price Chart
RSI is sending moderate signs with a possibility of increased spread and oscillation in the oversold or overbought region.
MACD is showing intertwined lines and can show up with a definite sign in the bullish or bearish direction.
For now, the head and should develop and show the proper breakout as ETHUSD is trading below the EMAs a breakout in the bearish direction is more possible at the moment.
TREND: sideway
FORMATION: Head and shoulder
EXPECTATION: Confirmation of the head and shoulder formation
TREND AFTER CONFIRMATION: Either up or down
PREV: 229.34
OPEN: 229.34
VOLUME: 33.104K
DAY’S RANGE: 223.53 — 229.93
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The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Vince is an experienced trader, investor and financial analyst within the markets in which he concentrates on the cryptocurrencies and decent opportunities within them to trade in a professional oriented manner. You can follow him at trading view market insight at: https://www.tradingview.com/u/VincePrince/
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Published at Mon, 06 Jul 2020 14:37:16 +0000
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