Hello guys,
ETHUSD is near the upper trend line of the triangle where prices are bridled from several months.
Now we have to see if it's strong enough to break this trend line. Yesterday prices touched the trend line for the first time, in area $545 (R1), but suddenly were rejected by the dinamic resistance, coming back to the area $520. We have to wait and see if it has the strength to try another time the breaking. If it's able to do it, the first target is to be set to area $580/$590 (R2), where we find the upper trend line of another, bigger triangle.
In case of breaking of thi second resistance (R2) the further target should be set to the 200 daily MAto $715.
Indicators don't give us any particular suggest but volume are not particularly high suggesting a weak movement.
To sum up:
1) if prices break R1: $545----> TP1:$580/$590,
2) if prices break R2: $580/$590 ----> TP2: $715
***This analysis is not a buy or sell advice, it is drawn up for educational purpose only***
ETHUSD is near the upper trend line of the triangle where prices are bridled from several months.
Now we have to see if it's strong enough to break this trend line. Yesterday prices touched the trend line for the first time, in area $545 (R1), but suddenly were rejected by the dinamic resistance, coming back to the area $520. We have to wait and see if it has the strength to try another time the breaking. If it's able to do it, the first target is to be set to area $580/$590 (R2), where we find the upper trend line of another, bigger triangle.
In case of breaking of thi second resistance (R2) the further target should be set to the 200 daily MAto $715.
Indicators don't give us any particular suggest but volume are not particularly high suggesting a weak movement.
To sum up:
1) if prices break R1: $545----> TP1:$580/$590,
2) if prices break R2: $580/$590 ----> TP2: $715
***This analysis is not a buy or sell advice, it is drawn up for educational purpose only***