ETH is coming off a pretty good recovery run from the low 180s. It is finding the toughest resistance at the areas 225 and 228. While it is currently in a sym. triangle this should be treated with skepticism as sym. triangles are a good representation of a continuation of the underlying trend; which in this case is a overall bearish trend, while this recovery from the low 180s was nice, it is a spike and doesn't confirm a trend change. I would trade cautiously at this area. Maintaining 220+ is crucial for ETH in the upcoming days and while a dip to 197-212 area is likely with enough volume I believe that the motivation is there to test resistance at 232 and 235.
Trade active
Comment:
- so far so good.
Comment:
Notice rejection at the 200 MA on the 15 minute chart. However, the 12/26 MAs are curling up to face the 200 MA. This could be a good sign for a stronger close than I thought.
Notice rejection at the 200 MA on the 15 minute chart. However, the 12/26 MAs are curling up to face the 200 MA. This could be a good sign for a stronger close than I thought.