ETH - Strong Resistance - Multi Timeframe Analysis
At the first glance 4H looks like it is ready to break the 4H resistance level but when we move to 1H, our another key time frame, we notice the major resistance ETH market have for the past 4 to 5 days. Rejecting multiple times.
What is our scenarios at the current market?
1. Market could break the 1H and lead to massive buyers entering the market and could go toward the 760 - 800 price range which i don't see it likely just yet.
2. 2nd scenario is more favorable with a movement on our 4H toward $650 price range to form HigherLow (4H , DAILY) and finding a strong support at 50% Fibonacci which is also a key zone area.
Consideration: our second scenario has 2 flaws:
1. Market Bullish momentum is still heavy on our HTFs.
2.We don't have Bearish elements on our 4H yet.
Short term bias = Short
Long term bias = Long
Follow us for more Ideas and setups.
What is our scenarios at the current market?
1. Market could break the 1H and lead to massive buyers entering the market and could go toward the 760 - 800 price range which i don't see it likely just yet.
2. 2nd scenario is more favorable with a movement on our 4H toward $650 price range to form HigherLow (4H , DAILY) and finding a strong support at 50% Fibonacci which is also a key zone area.
Consideration: our second scenario has 2 flaws:
1. Market Bullish momentum is still heavy on our HTFs.
2.We don't have Bearish elements on our 4H yet.
Short term bias = Short
Long term bias = Long
Follow us for more Ideas and setups.
Comment:
Sudden jump in bitcoin price and the same on ETH broke the resistance, expect a bullish run from now.
