ETHEREUM TECHNICAL ANALYSIS and TRADE IDEA for 11 Sept, 2022
- This piece presents a technical analysis of the 11th of September’s trading of ethereum against the US dollar
- We have a channel that is also a bull flag on the daily time frame. The video’s green arrows point to the lower frequency band, while the red arrows indicate the higher frequency band
- Cryptocurrencies have followed the stock market’s upward trend and are showing signs of recovery. Even if only temporary, it’s still valuable enough to trade
- Since we are no longer in the early stages of the recent rally, coming up with a viable trade idea has proven to be quite challenging. But, I’m still going to give you one. The goal is to get filled at a lower price and then make a Long trade with a leverage of 2:1
- Many automated trading systems and human traders set stop losses near the daily 20 EMA. Institutions want to stop out Longs there, and we will try to fill our order there
- The entry price is $1636.42. With a stop loss set at $1457 and a take profit target of $1995, this trade has a risk-to-reward ratio of 2-to-1
- Bitcoin traders can also follow this technical analysis and find a similar trade, especially when ETH is leading the market, currently
- Ethereum trading is a high-risk endeavor, so do your own research. Have a great week, and please visit ForexLive.com technical analysis for more insightful analysis
This article was originally published by Forexlive.com. Read the original article here.