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31.10.2022 07:12 AM
Looking at the H4 chart, the current overall bias for ETHUSD is bullish. To add confluence to this, the price is above the Ichimoku cloud which indicates a bullish market. Over the last week, price had bullish momentum upwards with the price currently trading above the 1st support level at 1561.62 where 2 of the 61.8% Fibonacci lines are located. If this bullish momentum continues, expect the price to head towards the 1st resistance at 1792.55 where the previous swing high and 100% Fibonacci line is located.
Trading Recommendation
Entry: 1561.62
Reason for Entry: Buy entry where 2 of the 61.8% Fibonacci lines are located.
Take Profit: 1792.55
Reason for Take Profit: Previous high and where the 100% Fibonacci line is located
Stop Loss: 1400.00
Reason for Stop Loss:
Slightly below where the 2nd support is and where the previous swing low was
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