FxWirePro: ETH/USD trades below 400, bias bearish, good to go short on rallies
ETH/USD is trading in a narrow range on Monday with its upside being capped by 7-DMA. It is currently trading at 388 levels at the time of writing (Kraken). On the upside, a break above 404 (7-DMA) would target 435 (10-D…
ETH/USD is trading in a narrow range on Monday with its upside being capped by 7-DMA. It is currently trading at 388 levels at the time of writing (Kraken).
On the upside, a break above 404 (7-DMA) would target 435 (10-DMA)/ 487 (4h 100-SMA). Further strength would see the pair testing 500 (20-DMA)/552 (3h 200-SMA)/605 (200-DMA).
On the downside, a break below 354 (1w 90-EMA) would see the pair testing 331 (113% extension of 1234 and 435)/ 300. Further weakness would drag it to 284 (113% extension of 1594.89 and 435)/235 (1w 100-SMA).
Momentum studies: Bias remains bearish on the daily chart with RSI and stochs at oversold levels, MACD line below the signal line, and the pair’s upside being capped by 7-DMA. Bias is bearish on the weekly chart as well with MACD line below the signal line, RSI below 50, and stochs in oversold zone.
Recommendation: Good to go short on rallies around 390/400. SL: 480. TP: 354/331/300.
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