ETHUSD has clearly broken out of the inner bearish channel as previously shown in my last ETH post (www.tradingview.com/...SD-Downward-Channel/), shown in the yellow channel. ETH has currently met a key resistance with the outer bearish channel shown with the white diagonal lines downward. The diagonal white line showing ETHUSD's recent uptrend has recently broken, and bearish divergence is showing on both the 1 hour and 4 hour time frames. This gives probability that the price will work on a correction in the upcoming days. I am expecting a retrace up to $114 and possibly $110, before ETH makes another run to break out of the longer term channel.
If $110 does not hold, there is a high probability that ETH will push to the bottom of the longer term channel.
The short term looks to be bearish, although the breakout of the previous channel was so violent. Follow through on volume and a break above the upper channel will invalidate the shorter term bearish sentiment, which looks to be most probable.
If price corrects to $114 then continues upwards, there is high probability for a longer term breakout above the upper channel.
Happy trading, and thanks for the read!
This is not advice to buy or sell, and is meant only for educational purposes.
Previous post: (www.tradingview.com/i/JgwZyQ69/)
If $110 does not hold, there is a high probability that ETH will push to the bottom of the longer term channel.
The short term looks to be bearish, although the breakout of the previous channel was so violent. Follow through on volume and a break above the upper channel will invalidate the shorter term bearish sentiment, which looks to be most probable.
If price corrects to $114 then continues upwards, there is high probability for a longer term breakout above the upper channel.
Happy trading, and thanks for the read!
This is not advice to buy or sell, and is meant only for educational purposes.
Previous post: (www.tradingview.com/i/JgwZyQ69/)