ETH/USD - Which Way?
Ethereum has been one of interest lately - Looking now for a nice trade which we can take when Bitcoin has a nice defining move - as Ethereum follow Bitcoin in turn. Eth is currently trading right up at the 50 moving average resistance, with some side-wards movement lately after hitting a bottom. There's not much bullish enthusiasm right this second but we're getting those lower highs under the resistance, so that means there's 2 possibilities. They are:
1) Eth breaks above the 50 moving average resistance, retests the resistance as a new support at 242 before breaking to the upside.
2) Eth breaks below 208, which is breaking below the side-wards support level and it knocks out the last 2 last lower highs. If this happens, I expect price to come down, and could go as low as 124 before hitting side-wards support (At the expanded level) before coming to the upside.
Bear in mind that if price breaks to the downside, it does NOT necessarily mean that price will come to 124 in scenario 2... But this is the worst case. Also bear in mind, if price breaks above 242 and tests it as a support, then price will likely hit the 292 level as a resistance. If price breaks higher than 292 (A strong horizontal structure resistance) then price could potentially hit the highs at 334 before the next swing takes place.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
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1) Eth breaks above the 50 moving average resistance, retests the resistance as a new support at 242 before breaking to the upside.
2) Eth breaks below 208, which is breaking below the side-wards support level and it knocks out the last 2 last lower highs. If this happens, I expect price to come down, and could go as low as 124 before hitting side-wards support (At the expanded level) before coming to the upside.
Bear in mind that if price breaks to the downside, it does NOT necessarily mean that price will come to 124 in scenario 2... But this is the worst case. Also bear in mind, if price breaks above 242 and tests it as a support, then price will likely hit the 292 level as a resistance. If price breaks higher than 292 (A strong horizontal structure resistance) then price could potentially hit the highs at 334 before the next swing takes place.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-)
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
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