The Setup
Ethereum was trading inside a triangular consolidation after the drop made on Sunday and Morning. The price has been respecting the 200-hour SMA. This morning ETH made a good candle on an increasing volume that broke the triangle to the upside and cut above the 50-hour SMA. Subsequent candles moved the price above the $175 level in which is now holding. On the 4H timeframe the asset moves in what is an upward channel, which the price action still respects. Finally, the MACD confirms the bullish phase.
The Trade
- Buy entry at $176
- Stop-loss: 169
- Take- Profit: 189
Reward and Risk
- Reward/risk Factor: 1.86
- Risk: $7 for every ETH coin traded.
- Reward:$13 for every ETH traded.
