ETH/USD did not break support level at $1,200, instead price broke above $1,390 and has reached $1,500 as expected and even higher. Price is making new all time highs. Trend remains bullish. In the 4 hour chart we saw the cross of the tenkan-sen above the kijun-sen something that we mentioned would be a bullish signal.

analytics601aaa72199bf.jpg

The cross came as price was breaking above the resistance of $1,390 we mentioned in our last post. Support by the tenkan-sen is now at $1,468 and by the kijun-sen at $1,422. A pull back towards these two levels is justified and as long as price is above the cloud, trend will remain bullish in the short-term.

analytics601aaada05702.jpg

Red lines – bearish RSI divergence

In the Daily chart we take a look at the warning signal by the RSI. The RSI is not making new all times highs as the price. The lower high provides an important warning to bulls. This is a sign of weakening upside momentum. This is not a reversal or sell signal. This is just a warning that bulls should not ignore.

The material has been provided by InstaForex Company – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.