FxWirePro: ETH/USD hovers around fresh 8-month high at 20.44, bias higher, stay long
ETH/USD continued its uptrend on Friday, hitting a fresh 8-month high of 20.44 and is currently hovering around this level (Kraken). Ichimoku analysis (Daily chart): Tenkan-Sen: 15.89 Kijun-Sen: 14.85 Momentum studies su…
By Shampa Mani
Updated 1 min read
Image from the original EconoTimes article
ETH/USD continued its uptrend on Friday, hitting a fresh 8-month high of 20.44 and is currently hovering around this level (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 15.89
Kijun-Sen: 14.85
Momentum studies suggest extremely bullish bias with no signs of reversal.
On the upside, resistance is now seen at 21 (psychological) and a break above would target 21.48 (17 June 2016 high)/22.
Caution is advised as Stochs and RSI(14) are in overbought zones. Immediate support is seen at 19.47 (1H 20-SMA) and a break below would target 17.91 (1H 50-SMA)/17.22 (1H 90-EMA). Watch out for a close below 16.34 (5-DMA) for signs of minor reversal.
