Buying Ethereum ETH Today, After Booking Profit in Bitcoin

Ethereum has reversed higher after the pullback down to the 50 SMA yesterday

Skerdian Meta•Friday, August 13, 2021•2 min read

The bullish trend continues today after the refresh lower

The trend seems to have changed in cryptocurrencies, after being really bearish for about three months, and we are trying to make some profit during this uptrend. We closed a number of crypto trades in the last two weeks, after buying lower previously.

Yesterday, we decided to buy BITCOIN after it retreated lower, from a high of $46,800s to $43,800s. The retreat seemed complete on the H4 time-frame, with the stochastic indicator reaching oversold levels and starting to find support at the 50 SMA (yellow).

Bitcoin is challenging this week’s high after the trend refresh down yesterday

The two doji/hammer candlesticks just above that moving average were also pointing to a reversal higher after the pullback down, so we decided to go long on Bitcoin down there, and this morning, our trade closed at a profit of $2,000 in profit, which for Bitcoin is 2,000.

ETHEREUM has formed a similar chart pattern too, which you can see at the top of this article. ETH/USD retreated nearly $300 lower, dipping just below $3,000. The price found support at that moving average, and it formed two doji/hammer candlesticks, which also pointed to a reversal higher.

Ethereum Live Chart

ETH/USD

The reversal came, and my colleague Arslan decided to open a buy Ethereum signal, and the price resumed the bullish trend again. You don’t have to get the perfect buy/sell position as we did with Bitcoin yesterday; you can even get in once the price has already reversed, like Arslan did today, and now that trade is around $100 in profit.

Now, Ethereum is challenging this week’s highs, as it marches higher towards the all-time highs above $4,000. So, cryptos are bullish again now, and they are presenting us with some great trading/buying opportunities, since the trend is moving higher with some good pullbacks lower, which offer some great entering positions among all cryptos.

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ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.