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ETHUSD: Bullish Engulfing Pattern Above $1075
Ethereum was unable to sustain its bullish momentum and after touching a high of 1230 on 20th Nov, the prices started to decline against the US dollar touching a low of 1078 on 22nd Nov.
After this decline we can see some upwards correction in the levels of Ethereum towards the $1200 handle.
We can see a three white soldiers pattern in the daily time frame indicating the Bullish trend.
We can clearly see a bullish engulfing pattern above the $1075 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.
ETH is now trading just above its pivot levels of 1201 and moving into a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1205 and Fibonacci resistance level of 1211 after which the path towards 1250 will get cleared.
The relative strength index is at 62 indicating a STRONG demand for Ether and the continuation of the buying pressure in the markets.
The Williams percent range is back over -50 in the daily time frame indicating a bullish sentiment.
The STOCHRSI is indicating an oversold level, which means that the prices are expected to correct upwards in the short-term range.
Most of the technical indicators are giving a STRONG BUY market signal.
Most of the moving averages are giving a BUY signal, and we are now looking at the levels of $1250 to $1300 in the short-term range.
ETH is now trading below its 100 hourly simple and exponential moving averages….More info: blog FXOpen
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Image and article originally from www.mql5.com. Read the original article here.