While starting with the past few days, where a tweet created a fud in the market, leading BTC price to fall, resulted in ALT coins decline, further, the same bullish momentum was put on hold due to holidays,,, however, it does not mean that the gas is finished, this is evidenced by the fast recovery of Alt coins, bulls supported the ETH price at 550 support levels.
So what's up next:
Price is travelling around the mid line of bollinger band which is currrently acting as a support, however, MACD histogram does not support the idea for a uptrend but MACD line is improving bit by bit, further RSI line crossing 60 in a vertical gives indication of potentiol bullish moment. Moreover, K line of stochastic is near to cross the bottom line of 25 giving indication for long position.
So, i suggest: Price to move around 800, if breached the it will stop at 850 level given the last resistance level whereas, 650 will act as a strong support.
Awaiting for recommendations to improve my analysis. regards
Hiya, Muhammad! Nice work! Welcome to crypto-trading! I made some comments below that I hope are helpful. Happy trading!
--Cite any sources (like tweets) you're referring to.
--Define "FUD" in case there are any newbies who don't know the lingo.
--I'm not sure I define Ether as an altcoin, but I suppose that's personal preference!
--Whenever you say "evidenced by," make sure to follow it with evidence. For example, give us some figures on how fast the ETH recovered this time compared to our last major correction.
--Don't be afraid to analyze a bit deeper. Why do you think the bulls showed up at $550? Has it been a prior support/resistance? Did the RSI indicate an oversold bounce?
--Make sure to indicate the time frames you're looking at for your RSI and MACD analyses. It's also good to compare these figures across different time frames (30 Min, 1 Hour, 4 Hour, 1 Day, etc.) to get a better sense of the larger picture.
--Always use figures for support and resistances.
--I don't see strong support at $650, but there's a super strong support zone between $494.01 (our key November resistance) and $519.47 (the low of our most recent pullback). There might also be some support around the $560 area.
--Cite any sources (like tweets) you're referring to.
--Define "FUD" in case there are any newbies who don't know the lingo.
--I'm not sure I define Ether as an altcoin, but I suppose that's personal preference!
--Whenever you say "evidenced by," make sure to follow it with evidence. For example, give us some figures on how fast the ETH recovered this time compared to our last major correction.
--Don't be afraid to analyze a bit deeper. Why do you think the bulls showed up at $550? Has it been a prior support/resistance? Did the RSI indicate an oversold bounce?
--Make sure to indicate the time frames you're looking at for your RSI and MACD analyses. It's also good to compare these figures across different time frames (30 Min, 1 Hour, 4 Hour, 1 Day, etc.) to get a better sense of the larger picture.
--Always use figures for support and resistances.
--I don't see strong support at $650, but there's a super strong support zone between $494.01 (our key November resistance) and $519.47 (the low of our most recent pullback). There might also be some support around the $560 area.