EthereumUSD has been bullish on the daily chart for the last five trading days. One of those days came out as an inside bar. As expected, from the very next candle, then the price started heading towards the North again.
Yesterday’s daily candle ended up with a bullish tone as well. However, the candle has long spikes on its both ends. Since the body is thick and green, thus it might attract the buyers.
Let us have a look at the Daily-EthereumUSD chart.
The Daily-EthereumUSD Chart
The chart shows that yesterday’s candle has long spikes on both ends. However, overall momentum and the thick green body have helped buyers buy EthereumUSD so far today as well.
To buy EthereumUSD, a buyer might as well wait for a consolidation or correction to get the price within the best buy zone. The Daily chart does not show the zone. Let us flip over to the H4- EthereumUSD chart
The H4-EthereumUSD Chart
By flipping over the H4- EthereumUSD chart, we get an idea where the price might come back to at the time of consolidation or correction. The level of 210.25 looks a level which has the potential to be the level of support. If the level is held and it ends up producing an H4 bullish engulfing candle and a breakout at today’s highest high, then buying the pair would get some green pips for the buyers of EthereumUSD.
At the moment, the highest high level is 220.85. It could be adjusted meaning it could be added with a few pips since H4 chart has not produced any good looking reversal candle as yet. Traders must wait for the breakout at today’s highest high to go long on the H4- EthereumUSD chart after a consolidation.
Summary of the Trade
Entry: H4 breakout 220.85 (today’s higher high)
Stop Loss: Below 210.25 (Once the consolidation is over)
Take Profit: 250.95