CountOnCrypto - Ethereum Forecast - 01/02/2021

1 feb 2021

ETHUSD has been performing well in the past week, it has seen a lot of battles due to the extreme volatility of BTCUSD.

As shown on the xRSI_KDJ_SMA indicator, Ethereum appears to be bottoming out, I believe this is a good opportunity to long a retest of the upper resistance.

I will be taking profits between now and the upper resistance line adjacent to the .786 Fibonacci retracement level.

If you trade this please use risk management, I always manage risk with a stop loss or low margin, study the market before you enter any trades or risk your money. I never claim to be 100% accurate, the market can often change direction unexpectedly! My trading strategy accounts for unforeseen circumstances due to my experience and knowledge.

2 feb 2021

Nota

The analysis played out very nicely!