FxWirePro: ETH/USD breaches 1200 mark, good to go long on dips
ETH/USD is trading higher on Tuesday and has broken above 1200 levels. It is currently trading at 1230 levels at the time of writing (Kraken). Ichimoku analysis (Daily chart): Tenkan-Sen: 972.55 Kijun-Sen: 866 On the ups…
ETH/USD is trading higher on Tuesday and has broken above 1200 levels. It is currently trading at 1230 levels at the time of writing (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 972.55
Kijun-Sen: 866
On the upside, the pair now faces resistance at 1271 (161.8% extension of 201.28 and 863) and a break above would target 1300/1359 (241.4% retracement of 863 and 512). Further strength would target 1400/1430.
On the downside, support is seen at 1143 (1h 20-SMA) and any violation would drag it to 1084 (5-DMA)/1054 (2h 50-SMA). Further weakness would see it testing 998 (2h 90-EMA)/966 (10-DMA)/842 (20-DMA).
Momentum studies: While bias remains bullish on the daily chart with no sign of reversal, caution is advised as stochs and RSI are at extremely overbought levels.
Recommendation: Good to go long on dips around 1230/1240. SL: 960. TP: 1271/1300/1359.
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