Hello everyone, I invite you to review the ETH pair to USDT chart, also on a one-hour time frame. First, using the yellow line, we will determine the downward trend line from which the price moved sideways and then started a strong upward trend.
Let's now move on to laying out the trend based fib extension grid to determine resistance locations. However, here we can see how the price broke out from a strong resistance and then positively tested it, creating this resistance as the main support, while now we can see an upward movement towards the next strong resistance at $3,052.
Looking the other way, we can see confirmation of the previously mentioned support that the price has created, but further we need to define the support zone from $2,615 to $2,523, where we could see the price bounce several times, once from the upper and once from the lower border.
The RSI indicator shows a movement at the upper limit, but here we see a visible rebound which quickly results in an even greater price increase. The STOCH indicator similarly shows a movement approaching the upper limit, which may again result in an attempt to recover.
Let's now move on to laying out the trend based fib extension grid to determine resistance locations. However, here we can see how the price broke out from a strong resistance and then positively tested it, creating this resistance as the main support, while now we can see an upward movement towards the next strong resistance at $3,052.
Looking the other way, we can see confirmation of the previously mentioned support that the price has created, but further we need to define the support zone from $2,615 to $2,523, where we could see the price bounce several times, once from the upper and once from the lower border.
The RSI indicator shows a movement at the upper limit, but here we see a visible rebound which quickly results in an even greater price increase. The STOCH indicator similarly shows a movement approaching the upper limit, which may again result in an attempt to recover.