What's up traders, time for a new week of trading.
Let's analyze ETH/USD on the 4H chart.
This analysis is a follow up analysis of my previous Ethereum (See related ideas below for details of my original analysis for more information), and I strongly recommend reading the previous analysis so you can better understand this one.
Price is trading above the 50 and 20 moving average at the moment, and appears to have nicely broken the side-wards resistance line at 686 and retested and broke up since. I am expecting an up move to the upside target at 756, where price action will hit a strong resistance zone and likely break down.
Price will break down after hitting the resistance zone to one of two target levels. The first target level is 703 which coincides with consolidation support and moving average support (I expect 703 to be the approximate location of the 200 moving average after a few days have passed) and 626, which is the long term support zone. When we hit the support zone, I expect a break up again, with price going to the highs.
I will update this analysis when I receive above 40 likes.
Let's analyze ETH/USD on the 4H chart.
This analysis is a follow up analysis of my previous Ethereum (See related ideas below for details of my original analysis for more information), and I strongly recommend reading the previous analysis so you can better understand this one.
Price is trading above the 50 and 20 moving average at the moment, and appears to have nicely broken the side-wards resistance line at 686 and retested and broke up since. I am expecting an up move to the upside target at 756, where price action will hit a strong resistance zone and likely break down.
Price will break down after hitting the resistance zone to one of two target levels. The first target level is 703 which coincides with consolidation support and moving average support (I expect 703 to be the approximate location of the 200 moving average after a few days have passed) and 626, which is the long term support zone. When we hit the support zone, I expect a break up again, with price going to the highs.
I will update this analysis when I receive above 40 likes.
Anyway, price is coming towards a juncture horizontal support level. Will price hit the 635-610 level and bounce? Or, will price fail and break to the downside further?
I guess we will all soon find out.
I will be posting a brand new analysis on Ethereum later on today when time prevails.