Good afternoon team,
We are taking a look at ETHUSD today as the crypto market continues to move higher. The recent set back appears to be corrective in nature and the recovery is an impulsive structure, suggesting we should be going higher. Joe Biden signing the Covid-19 stimulus package will also push risk assets higher, more money printed = more money for the stock market and cryptos.
ETHUSD – 4 Hour Charts
The ETHUSD charts are showing a couple of textbook corrective structures, 3 wave declines. When these structures take place it generally means the market will head higher.
ETHUSD – MT5
Trade setup: Buy market execution, current price 1817, stop loss 1717 and take profit target 2000.
Stop loss: 100 pips
Take profit: 183 pips
Contract size: 1 contract = $1 USD per pip