Interesting play and even on existing business model CEO has a history of building companies. Didn't see this one coming but even with today's move we believe this is far from over. Have fun and enjoy the ride! Fundamentally should be multiples folds higher based on the competitive metrics and although it moved today once people do some work on this are realize...
ETH showing some life, in which the ellipse formation it has formed, in conjuction with upward diagonal trend line, can induce the need pressure need to reclaim $350.00 region as sppoort, can continue upwards to retest $360.00 resistance.
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It may head to the upside. There is resistance before touching the channel resistance, so it will head towards the downside and break the channel down.
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Here is the full analysis for this pair, let me know in the comment section below if you have any questions, the...
Technical Analysis and Outlook
The aggressive coin upside move started on Wednesday. Ethereum stays to play a role to move higher, as the second most significant crypto coin struck the lowest level ever since July 28 on September 5, following the anticipated breakdown by completing Inner Coin Rally $485 .
The coin validated its severe relative strength by...
We could possibly see a pull back on ETH around the current price lvl however if we mange to break through we could see resistance become support and a nice bounce back up to the $240-260 price zone.
we must to wait the monthly close to know if the support will resist and if eth will find the strength for another retracement move , or ETH will search another lower low for the next month .
BTCUSD has been sustained at 6304 levels since last 4 days, and now it has broken 4 hour trend line which as formed from 6th of June. though the weekly trend is down i am expecting a small pullback in this week. I will recommend buy at 6517 level for target of 7200-7400 with stoploss of 6050.
Implications and Outlook
1. Ethereum did approach the Coin Dip $540 of the broad range today. Though this coin had climbed higher in end-of last week, it did not find buyers at higher levels, and prices plummeted since May 21 into sizable selling wave with Ethereum falling 24%.
2. Further Ethereum bearish momentum is prone to drop to Mean Support $500 level.
3....
Throughout the last two sessions, Ethereum confirmed the two Trade Selector Signal projections CD's (Coin Destinations) at $622.50 and $700.50 which were re-tested on the decline as support levels. Ethereum by completing CD's it is in a retracement mode with some good chances to decline to Mean Support of $502.
Ethereum coin built upon its recent relative strength and the cryptocurrency broke out convincingly above the CD1 line and reaching CD2 at $700.70 and Key resistance level of $728.50 where the momentum of the move will stall.
